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pricestimetime preferencetodaytort lawtotal government spendingtotal value of financial asset market exchangestrade cycle modelstrade deficittrade deficitstrade unionstrendstriviatrollstrue money supply (TMS)truth relativiststwotwo examplestwo fundamental sectorstypestypes of libertarianstypes of necessitytypes of probabilitytypes of propositional knowledgeuncertainty and knowledgeuncertainty in Post Keynesian economicsunemployment equilibriumunhampered marketuniversaluse valueuseful insightsutility of moneyvalue of wealthvarieties of Subjectivismvarious versions of the quantity theoryview of labour demandviolencevoicevoice recordingvolte facevolume 1 of Marx’s Capitalvotingvulgar internet Austrianismwage and price deflationwage and price flexibilitywage determinationwage determination theorywage inflexibilitywage rigiditywealthwealth of the top 10% in the USweb interviewwhen the left becomes a laughing stockwho wrote this? Austrianswhy A. J. Ayer was a great philosopherwhy Marx’s labour theory of value is wrong in a nutshellwomenword racistworkworking dayworksworld GDPwritingwrong reasonsyouth unemploymentzero-lower bound versus the liquidity trapzombie banksŽižek“Four Questions for LK on Money”“Should Sraffian Economics be dropped out of the Post-Keynesian School?”“The Consequences to the Banks of the Collapse of Money Values”“White Gold” Conference Talks on the Origin of Electrum CoinageSocial Democracy for the 21st Century: A Realist Alternative to the Modern Lefthttp://socialdemocracy21stcentury.blogspot.com/noreply@blogger.com (LK)Blogger2181125tag:blogger.com,1999:blog-6245381193993153721.post-4593788068124094815Tue, 13 Mar 2018 10:00:00 +00002018-03-13T03:43:18.847-07:00Clement Attlee on Immigration into Britain in 1948Clement Attlee on Immigration into Britain in 1948As noted in this post <a href="https://socialdemocracy21stcentury.blogspot.com/2018/02/opposition-to-mass-immigration-in.html">here</a>, even in 1948 low level immigration into the UK from its colonies caused a number of Labour Party MPs to oppose mass immigration, and they sent a letter to Clement Attlee, as follows:<blockquote>“This country may become an open reception centre for immigrants not selected in respect to health, education, training, character, customs and above all, whether assimilation is possible or not.<br /><br />The British people fortunately enjoy a profound unity without uniformity in their way of life, and are blest by the absence of a colour racial problem. An influx of coloured people domiciled here is likely to impair the harmony, strength and cohesion of our public and social life and to cause discord and unhappiness among all concerned.<br /><br />In our opinion colonial governments are responsible for the welfare of their peoples and Britain is giving these governments great financial assistance to enable them to solve their population problems. <font style="BACKGROUND-COLOR: yellow">We venture to suggest that the British Government should, like foreign countries, the dominions and even some of the colonies, by legislation if necessary, control immigration in the political, social, economic and fiscal interests of our people.<br /><br />In our opinion such legislation or administrative action would be almost universally approved by our people.” </font><br />Letter to the Prime Minister, 22 June, 1948.</blockquote>Prime Minister Clement Attlee replied to them, in the following letter:<blockquote>Letter from Prime Minister Attlee to an MP about immigration to the UK, 5 July 1948 (HO 213/ 715)<br /><br />10 Downing Street,<br />S.W.1<br />5th July, 1948<br /><br />I am replying to the letter signed by yourself and ten other Members of Parliament on the 22nd of June about the West Indians who arrived in this country on that day on board the “Empire Windrush”. <font style="BACKGROUND-COLOR: yellow">I note what you say, but I think it would be a great mistake to take the emigration of this Jamaican party to the United Kingdom too seriously. </FONT><br /><br />It is traditional that British subjects, whether of Dominion or Colonial origin (and of whatever race or colour), should be freely admissible to the United Kingdom. That tradition is not, in my view, to be lightly discarded, particularly at this time when we are importing foreign labour in large numbers. It would be fiercely resented in the Colonies themselves, and it would be a great mistake to take any measure which would tend to weaken the goodwill and loyalty of the Colonies towards Great Britain. <font style="BACKGROUND-COLOR: yellow">If our policy were to result in a great influx of undesirables, we might, however unwillingly, have to consider modifying it. But I should not be willing to consider that except on really compelling evidence, which I do not think exists at the present time.</FONT> We have not yet got complete figures on the disposal of the party which arrived on the “Empire Windrush”, but it may be of interest to you to know that of the 236 who had nowhere to go and no immediate prospects of employment, and who were therefore temporarily accommodated at Clapham Shelter, 145 had actually been placed in employment by the 30th June and the number still resident in the Shelter at this last week-end was down to 76. It would therefore be a great mistake to regard these people as undesirable or unemployables. The majority of them are honest workers, who can make a genuine contribution to our labour difficulties at the present time.<br /><br />You and your fellow signatories say that Colonial Governments are responsible for the welfare of their peoples. That is true, and all the Colonial Governments have their ten-year plans of development, assisted from the Colonial Development and Welfare Act of the United Kingdom. But they, like this country, are embarrassed by shortages of skilled directing personnel as well as to some extent the universal dollar shortage. These factors prevent them driving ahead as fast as they and we would wish.<br /><br />It is difficult to prophesy whether events will repeat themselves, but I think it will be shown that too much importance – too much publicity too – has been attached to the present argosy of Jamaicans. Exceptionally favourable shipping terms were available to them, and there was a large proportion of them who had money in their pockets from ex-service gratuities. These circumstances are not likely to be repeated; yet even so not all the passages available were taken up.<br /><br />It is too early yet to assess the impression made upon these immigrants as to their prospects in Great Britain and consequently the degree to which their experience may attract others to follow their example. Although it has been possible to find employment for quite a number of them, they may well find it very difficult to make adequate remittance to their dependants in Jamaica as well as maintaining themselves over here. <font style="BACKGROUND-COLOR: yellow">On the whole, therefore, I doubt whether there is likely to be a similar large influx.</FONT><br /><br />(SIGNED) C.R. ATTLEE<br />http://www.nationalarchives.gov.uk/education/resources/attlees-britain/empire-windrush-2/</BLOCKQUOTE>Despite Clement Attlee’s liberal policy, note carefully what he said here: <blockquote>“It is traditional that British subjects, whether of Dominion or Colonial origin (and of whatever race or colour), should be freely admissible to the United Kingdom. That tradition is not, in my view, to be lightly discarded, particularly at this time when we are importing foreign labour in large numbers. It would be fiercely resented in the Colonies themselves, and it would be a great mistake to take any measure which would tend to weaken the goodwill and loyalty of the Colonies towards Great Britain. <font style="BACKGROUND-COLOR: yellow">If our policy were to result in a great influx of undesirables, we might, however unwillingly, have to consider modifying it. But I should not be willing to consider that except on really compelling evidence, which I do not think exists at the present time.”</FONT></BLOCKQUOTE>This strongly suggests to me that Clement Attlee never envisaged huge mass immigration levels from the Third World radically changing Britain’s demographics. In his time, he simply could never have imagined the insane levels of mass immigration that were inflicted on Britain from the 1990s onwards.<br /><br />Rather, when Attlee said at the end of his letter he did not envisage another “large influx,” he was referring to just <i>492 Jamaican immigrants</i> (who had arrived on the “Empire Windrush”), not even thousands, or hundreds of thousands.<br /><br />Attlee regarded such Commonwealth immigration as likely to be small and not likely to cause serious problems precisely because it would remain small in numbers.<br /><br />Moreover, the very fact that Attlee was – for perfectly good reasons – not in favour of a “great influx of [sc. immigrant] undesirables” into Britain would probably get him indicted for hate speech in today’s vicious, authoritarian and politically correct Europe.<br /><br />Attlee would probably get expelled from the modern Labour Party, as would James Keir Hardie – the very founder of the Labour Party – given that <a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/james-keir-hardies-views-on-mass.html">Hardie famously opposed immigration into Scotland and remarked: “Dr. Johnson said God made Scotland for Scotchmen, and I would keep it so.”</a><br /><br />If we could only resurrect Clement Attlee and <a href="https://www.mirror.co.uk/news/uk-news/britains-worst-ever-child-grooming-12165527">show him Britain in 2018</a>. <br /><br />I think he would have closed the borders immediately and abandoned liberal immigration policies.http://socialdemocracy21stcentury.blogspot.com/2018/03/clement-attlee-on-immigration-into.htmlnoreply@blogger.com (LK)1tag:blogger.com,1999:blog-6245381193993153721.post-8635986955955781835Fri, 02 Mar 2018 16:02:00 +00002018-03-03T01:08:04.212-08:00Academic Agent on “Six Key Lessons from Classical Economics”: A CritiqueAcademic Agent on “Six Key Lessons from Classical Economics”: A Critique“The Academic Agent” has a video here on what he calls “Six Key Lessons from Classical Economics” (but actually from <i>both</i> Classical <i>and</i> Neoclassical economics):<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/B1LsEo5JO2E" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br /><br />Of course, not all of his points are wrong. And, since I assume various followers of “Academic Agent” will read this, let me state: I support Post Keynesian economics, a non-neoclassical version of Keynesianism.<br /><br />But let us break this down as follows, point by point:<p align="center"><b>(1) “Wealth is not Money”.</b></p>This is true. Money is clearly not wealth (if we understand by “wealth” the good and services we consume). Money cannot be consumed in the way that commodities can. Libertarians are fond accusing Keynesians of saying that “money is wealth” or that “money creation is wealth creation.” But I can’t even recall seeing any left heterodox economists who even say this. The maxim that money is not everything – which many people on the Left are fond of saying – is even a subtle admission of the point. <br /><br />One can readily agree that money is not wealth. Money is (1) a unit of account, (2) a medium of exchange and (3) a store of value.<br /><br />So this point, while true, is largely a straw man, if it is supposed to be directed against Keynesian economists.<br /><br />Further reading here:<blockquote><a href="https://socialdemocracy21stcentury.blogspot.com/2010/10/money-is-it-wealth.html"> Money: Is it Wealth?, October 12, 2010.</a></BLOCKQUOTE><p align="center"><b>(2) “The Economy is not a Zero Sum Competition”.</b></p>While there are numerous economic activities in modern capitalism that are indeed not zero sum games, there clearly do exist economic activities which are precisely that. <br /><br />Many speculative activities are like this: for example, activity on secondary financial asset markets where two (or more) parties engage in a trade in which one loses and the other gains. If I “bet” on a futures option or on a currency trade, I win or lose. This <i>is</i> a type of zero sum game.<br /><br />It is notable that “The Academic Agent” doesn’t even bother to discuss financial markets, which are a fundamental part of modern capitalism.<br /><br />Furthermore, if a person goes to a casino and gambles (which is clearly a form of capitalist exchange), he wins or loses. Either he comes out with more money than he went in with or less. This is a zero sum game. One could argue that, even if a person loses, he got in return the possible thrill of winning.<br /><br />But this is a specious argument, because one can also point out that gambling addicts “lose” not only their money but also social well-being as they experience devastating negative personal and social consequences as the result of gambling problems. Such people are losers, and their gambling is a zero sum game.<br /><br />Of course, plenty of other economic activities and transactions are not zero sum games, but the point remains.<br /><p align="center"><b>(3) “International Trade is not a Zero Sum Game.</b></p>Once again, while a lot of international trade may well be mutually beneficial, not all trade is. <br /><br />“The Academic Agent” relies on Ricardo’s Principle of Comparative Advantage, which claims that free trade is always mutually beneficial to nations engaging in it.<br /><br />Ricardo’s argument takes the example of cloth and wine production in Portugal and England. Ricardo’s argument is simple: Portugal can produce more wine by concentrating on the production of wine (where it has a comparative advantage in needing less labour), and import cloth from England, even if (as in Ricardo’s example) it takes fewer labourers to produce cloth in Portugal than in England. The aggregate effect of England concentrating on producing cloth (where its comparative advantage lies in needing fewer workers or labour hours per unit) and Portugal producing wine is that a greater quantity of these commodities can be produced in total, and Portugal and England can exchange them to mutual benefit, instead of producing fewer goods in isolation and autarky.<br /><br />But this argument contains all sort of unrealistic assumptions, and a fatal flaw in that Ricardo (like other Classical economists) assumed a pre-Marxist Labour Theory of Value.<br /><br />First, the argument for unrestricted free trade by Ricardo’s principle of comparative advantage requires a number of stated or hidden fundamental assumptions to work properly, as follows:<blockquote><b>(1)</b> if a nation focusses on comparative advantage, domestic capital or factors of production like capital goods and skilled labour are <i>not</i> internationally mobile, and will be re-employed in the sector/sectors in which the country’s comparative advantage lies and within that nation;<br /><br /><b>(2)</b> workers are fungible, and will be re-trained easily and moved to the new sectors where comparative advantage lies.<br /><br /><b>(3)</b> it does not matter what you produce (e.g., you could produce pottery), as long as you do it in a way that gives you comparative advantage;<br /><br /><b>(4)</b> technology is essentially unchanging and uniform; and<br /><br /><b>(5)</b> there are no returns to scale in all sectors.</blockquote>Assumption (1) doesn’t hold today and what happens is movement of capital under the principle of <i>absolute advantage</i>. By practising free trade a nation could experience capital flight and severe de-industrialisation. This results in a type of race to the bottom for industrialised countries that do not protect their industries. Movement of capital to a place where it has absolute advantage tends to cause de-industrialization in Western countries, as capital moves to nations with the lowest unit labour and factor costs, and higher wage countries experience falling wages, high unemployment and rising trade deficits.<br /><br />Assumption (2) is plainly untrue. <br /><br />Assumptions (3), (4) and (5) are utter nonsense. <br /><br />In essence, Ricardo’s argument ignores the long-run benefits of industrialisation (a sector which gives increasing returns to scale), and manufacturing and industrialisation are the only real way to escape the grinding rural poverty of underdevelopment (unless of course you are lucky enough to be one of the minority of nations that has lucrative commodities like energy, or to be some tiny city-state that can get by on service industries). <br /><br />In the long run, Portugal is better off producing cloth and other manufactured goods, not just wine. By adopting free trade, Portugal will reduce its future aggregate output and reduce its future per capita wealth.<br /><br />Finally, there is also another devastating flaw in Ricardo’s argument: Ricardo actually uses a naive <i>Labour Theory of Value</i> assumption in its argument! (see also Reinert 2007: 301–304 for discussion). To be more precise, one of Ricardo’s crucial arguments in favour of free trade by comparative advantage is based on the idea that specialising in the production of some commodity is inherently better <i>just because of the comparatively lower labour time involved in production</i>. But this is false.<br /><br />Even if it takes more labour hours and human labourers to produce manufactured goods, in the long run this is a key to becoming rich, whereas dead-end production of commodities with diminishing returns to scale, <i>even if it requires fewer labour hours and labourers</i>, is a path to Third World poverty.<br /><br />Erik S. Reinert explains the flaw here: <br /><br /><iframe src="https://www.youtube.com/embed/FIM6EB4LRH8" allowfullscreen="" width="400" height="225" frameborder="0"></iframe><br /><br />So, quite clearly, international trade can be a zero sum game in that some nations engaging in free trade will lose, in the sense that they will have much lower future aggregate output and lower future per capita wealth.<br /><br />It also follows that protectionism may be a better policy to create industries that gave <i>increasing returns to scale</i> (generally manufacturing) – rather than dead-end “diminishing returns to scale,” since this is what marks successful economic development. Once the new manufacturing sectors become internationally competitive, it is possible to reduce or eliminate tariffs. Note also that this policy is perfectly compatible with the fact the other types of tariffs (protecting inefficient rent seekers) or poorly targeted tariffs can be harmful to economic development.<br /><br />Further reading here:<blockquote><a href="http://socialdemocracy21stcentury.blogspot.com/2016/08/robert-murphys-debate-on-free-trade.html">“Robert Murphy’s Debate on Free Trade,” August 7, 2016.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/07/the-cult-of-free-trade-in-nutshell.html">“The Cult of Free Trade in a Nutshell,” July 4, 2016.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/07/ricardos-argument-for-free-trade-by.html">“Ricardo’s Argument for Free Trade by Comparative Advantage,” July 5, 2016.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/07/erik-reinert-versus-ricardo-on-free.html">“Erik Reinert versus Ricardo on Free Trade,” July 5, 2016.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/07/erik-s-reinert-on-heterodox-development.html">“Erik S. Reinert on Heterodox Development Economics,” July 9, 2016. </a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/07/britains-protectionism-against-indian.html">“Britain’s Protectionism against Indian Cotton Textiles,” July 12, 2016. </a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2011/01/mises-on-ricardian-law-of-association.html">“Mises on the Ricardian Law of Association: The Flaws of Praxeology,” January 25, 2011.</a></blockquote><b> <p align="center">(4) Say’s Law. </b></p>“The Academic Agent” seems to define Say’s Law in two senses, as follows: <blockquote><b>(1)</b> you must produce commodities before you consume them, and <br /><br /><b>(2)</b> supply and demand are not independent of one another, but dependent in the sense that factor payments by producers or income to producers provide the source of demand for other goods.</BLOCKQUOTE>No serious economist even disputes (1) or (2), and certainly not Keynesians, who would merely add that the creation of credit money within capitalism (for example, by banks) is a further source of demand for goods. <br /><br />The trouble is that “The Academic Agent” then proceeds to garble Say’s law and what it actually says.<br /><br />He also seems unaware that historians of economic thought like Thweatt (1979: 92–93) and Baumol (2003: 46) conclude that Jean-Baptiste Say’s role in formulating the law is grossly overrated, and that Adam Smith was in fact the real father of what is recognisably Say’s law in Classical economics, with the major work in developing the idea conducted by James Mill (1808), not Jean-Baptiste Say himself.<br /><br />Furthermore, Keynes did not misrepresent what the 19th century economists had said about “Say’s Law.”<br /><br />If we look at how Say’s law was formulated by the Classical economists, as defined by Thomas Sowell (1994: 39–41), it was as follows:<blockquote>“<b>(1)</b> The total factor payments received for producing a given volume (or value) of output are necessarily sufficient to purchase that volume (or value) of output [an idea in James Mill].<br /><br /><b>(2)</b> There is no loss of purchasing power anywhere in the economy. People save only to the extent of their desire to invest and do not hold money beyond their transactions need during the current period [James Mill and Adam Smith]. <br /><br /><b>(3)</b> Investment is only an internal transfer, not a net reduction, of aggregate demand. The same amount that could have been spent by the thrifty consumer will be spent by the capitalists and/or the workers in the investment goods sector [John Stuart Mill].<br /><br /><b>(4)</b> In real terms, supply equals demand <i>ex ante</i> [= “before the event”], since each individual produces only because of, and to the extent of, his demand for other goods. (Sometimes this doctrine was supported by demonstrating that supply equals demand <i>ex post</i>.) [James Mill.] <br /><br /><b>(5)</b> A higher rate of savings will cause a higher rate of subsequent growth in aggregate output [James Mill and Adam Smith].<br /><br /><b>(6)</b> Disequilibrium in the economy can exist only because the internal proportions of output differ from consumer’s preferred mix—<i>not</i> because output is excessive in the aggregate” [Say, Ricardo, Torrens, James Mill] (Sowell 1994: 39–41).</blockquote>It is not clear that (1) is true, since most real-world prices include a profit mark-up and their aggregate value is much higher than the aggregate value of factor payments paid out in the production of the commodities.<br /><br />Ideas (2), (3) and (6) are ridiculously false, since people can hoard money. In reality, people can hold money without purchasing goods and services. Furthermore, money can be spent on secondary financial or real asset markets where it is not used to purchase commodities. <br /><br />This will lead to a situation where aggregate output is excessive, since some people do not wish to purchase commodities at all but save their money, hoard it, or spend it on financial assets.<br /><br />In any real world economy, money from income streams from production, either to capitalists or workers, can become diverted to asset markets and may not be spent on goods. For this reason alone, Say’s law is a grossly unrealistic picture of market economies. Moreover, capitalists themselves have subjective expectations about the future and the future profitability of investment, and when their expectations are shattered, they will not necessarily invest out of retained earnings.<br /><br />Lastly, as a matter of historical interest, eventually Jean-Baptiste Say actually <a href="http://socialdemocracy21stcentury.blogspot.com/2011/12/say-repudiated-says-law.html">repudiated the strong form of Say’s law that we call “Say’s Identity” in his letters to Malthus.</a><br /><br />But “The Academic Agent” is blissfully unware of this.<br /><br />More reading here:<blockquote><a href="http://socialdemocracy21stcentury.blogspot.com/2013/04/says-law-overview-and-bibliography.html"> “Say’s Law: An Overview and Bibliography,” April 13, 2013.</a></blockquote><p align="center"><b>(5) “Every part of the economy is connected to the whole of economy… .”</b></p>While this is true, this does not vindicate Léon Walras’ Neoclassical economics, which “The Academic Agent” cites as his source for this insight, which has quite specific assertions about capitalist economies. <br /><br />“The Academic Agent” argues against government intervention in the economy (by quoting a passage of Thomas Sowell) and tacitly invokes Walrasian Neoclassical theory and Austrian economic theory that envisage a capitalist economy as a self-correcting or self-equilibrating machine, which gravitates towards a long-run general equilibrium state.<br /><br />But this is a profoundly mistaken view of market economies, and is wrong for the following reasons:<blockquote><b>(1)</b> both Austrian and Neoclassical theory ultimately hold that free markets have a tendency towards general equilibrium, and hence economic coordination by means of a flexible wage and price system, and a (supposed) coordinating loanable funds market that equates savings and investment. This is an empirically false view of market economies: it is essentially the product of Marginalists from the 1870s onwards who had physics envy and wanted to model a market economy like a self-equilibrating physical system.<br /><br /><b>(2)</b> the core Neoclassical and Austrian model in (1) is false because:<blockquote><b>(i)</b> market systems are complex human systems subject to <a href="https://socialdemocracy21stcentury.blogspot.com/2014/05/the-epistemic-types-of-probability.html">degrees of non-calculable probability and future uncertainty</a>, so that market economies would not converge to general equilibrium states even if wages and prices were perfectly flexible. This makes human decision-making highly different to the fundamental model proposed by Neoclassical economics (even with their modern <i>ad hoc</i> models that invoke asymmetric information and bounded rationality), and, even if Austrians supposedly accept subjective expectations in decision making, they <a href="http://socialdemocracy21stcentury.blogspot.com/2014/09/regime-uncertainty-austrian-poor-mans.html">fail spectacularly to apply it properly in their economic theory</a>. At the heart of this failure of both Neoclassical and Austrian theory is the mistaken <a href="https://socialdemocracy21stcentury.blogspot.com/2014/08/the-three-axioms-at-heart-of.html">ergodic axiom</a>. <br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2012/12/the-essence-of-keynesianism-is.html">Investment is essentially driven by expectations which are highly subjective and even irrational</a>, and come in waves of general optimism and pessimism;<br /><br /><b>(ii)</b> the loanable funds model is a terrible model of aggregate investment (partly because <a href="https://socialdemocracy21stcentury.blogspot.com/2014/06/colin-rogers-money-interest-and-capital_12.html">the mythical natural rate of interest can’t be defined outside one commodity worlds</a>) but very importantly because of (i) (which is the point that kills both Austrian economics and Neoclassical loanable funds models).<br /><br /><b>(iii)</b> <a href="https://socialdemocracy21stcentury.blogspot.com/p/there-is-mountain-of-empirical-evidence.html">the price and wage system is highly inflexible</a>, and even if it were flexible <a href="https://socialdemocracy21stcentury.blogspot.com/2014/01/the-general-theory-chapter-19-changes.html">all sorts of factors prevent convergence to equilibrium states anyway</a> (e.g., the reality of a non-ergodic future, subjective expectations, shifting liquidity preferences, failure of Say’s law, spending of money on non-reproducible financial assets, wage–price spirals, debt deflation, failure of the Pigou effect);</BLOCKQUOTE><b>(3)</b> <a href="https://socialdemocracy21stcentury.blogspot.com/2014/09/why-is-quantity-theory-of-money-wrong.html">the quantity theory of money is virtually useless</a>, because of the following reasons:<blockquote><b>(i)</b> the modern money supply is endogenous because broad money creation is credit-driven (that is, created by private banks and its quantity is determined by the private demand for it), and, furthermore, a truly independent money supply function does not actually exist in an endogenous money world, since credit money comes into existence because it has been demanded, and so the broad money supply is not independent of money demand, but can be <i>demand-led</i>;<br /><br /><b>(ii)</b> money can <i>never</i> be neutral, neither in the short run nor in the long run.<br /><br /><b>(iii)</b> the direction of causation is generally from credit demand (via business loans to finance labour and other factor inputs) to money supply increases, contrary to the direction of causation as assumed in the quantity theory, and<br /><br /><b>(iv)</b> changes in the general price level are a highly complex result of many factors, and not some simple function of money supply.</blockquote><b>(4)</b> the (non-Keynesian) Neoclassicals and Austrians have an obsessive-compulsive fixation with the supply-side, but this cripples their economic theory. In our capital-rich Western economies historically (and once we re-implement some kind of industrial policy now), what mostly constrains our prosperity is the <i>demand-side</i>, not the supply-side.</BLOCKQUOTE>Once we realise there is no reliable or automatic tendency to general equilibrium in capitalist economies, then <i>nearly all arguments against government interventions to promote economic activity collapse</i>. The whole basis of Neoclassical and Austrian economics collapses.<br /><br />For example, the assumption of “The Academic Agent” that a government program to build a bridge would automatically destroy private sector jobs, or harm the economy, does not follow at all, and certainly not if we have a recession or depression and vast resources are idle, and there is no private sector impetus for using such idle resources on capital investment or production.<br /><br />Finally, <a href="http://en.wikipedia.org/wiki/G._L._S._Shackle">George L. S. Shackle</a> summed up the essence of Keynes’ theory as follows:<blockquote>[sc. Keynes’s] ... <font style="BACKGROUND-COLOR: yellow">theory of involuntary unemployment is perfectly simple and can be expressed in a paragraph, or in a sentence. If you express it in a sentence, you simply say that enterprise is the launching of resources upon a project whose outcome you do not, and cannot, know. The business of enterprise involves investment, the investing of large amounts of resources--huge sums of money--in things whose outcome you cannot be certain of, which could perfectly well turn into a disaster or a brilliant success.<br /><br />The people who do this kind of investing are essentially gamblers and they can lose their nerve. And if they decide to withdraw from trade, they sweep their chips up from the table. If they decide it’s too risky, if their nerve gives out and they can’t bring themselves to go on investing, they cease to give employment and that is the explanation.</font> When business is at all unsettled--when there’s any sign at all of depression--or when there’s been a lot of investment and people have run out of ideas, or when their goods are not selling quite as fast as they have been, they no longer know what the marginal value product of an extra man is—it’s non-existent. How can you say that a certain number of men have a certain marginal productivity when you can’t know what the per unit value of the goods they would produce if you employed them would sell for?”<br /><a href="http://mises.org/journals/aen/shackle.asp">“An Interview with G.L.S. Shackle,” <i>The Austrian Economics Newsletter</i>, Spring 1983.</a></blockquote>This is actually a splendid summing up of what Keynes’s theory is about, and why both Austrian and Neoclassical economics are nonsense.<br /><br />More reading here:<blockquote><a href="http://socialdemocracy21stcentury.blogspot.com/2012/12/the-essence-of-keynesianism-is.html">“The Essence of Keynesianism is Investment,” December 8, 2012.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/02/steve-keen-debunking-economics-chapter.html">“Steve Keen, Debunking Economics, Chapter 6: Wages,” February 12, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/02/steve-keen-debunking-economics-chapter_13.html">“Steve Keen, Debunking Economics, Chapter 5: Theory of the Firm,” February 13, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/03/kaldor-on-economics-without-equilibrium.html">“Kaldor on Economics without Equilibrium,” March 9, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/05/kaldor-on-irrelevance-of-equilibrium.html">“Kaldor on the Irrelevance of Equilibrium Economics,” May 15, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/03/steve-keen-on-consumer-theory.html">“Steve Keen on Consumer Theory,” March 14, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/03/what-is-wrong-with-neoclassical.html">“What is Wrong with Neoclassical Economics?,” March 30, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/06/the-law-of-demand-in-neoclassical.html">“The Law of Demand in Neoclassical Economics,” June 1, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/09/what-is-epistemological-status-of-law.html">“What is the Epistemological Status of the Law of Demand?,” September 19, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/09/steve-keen-on-law-of-demand.html">“Steve Keen on the Law of Demand,” September 20, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/11/price-average-total-cost-average.html">“Price, Average Total Cost, Average Variable Cost and Marginal Cost,” November 28, 2013.</a></blockquote><p align="center"><b>(6) “Marginal Utility”.</b></p>“The Academic Agent” ends with pointing out the “value” in the sense of desiring or evaluating commodities is subjective. This is true, but does not take you very far.<br /><br />The law of diminishing subjective marginal utility states that, as a person consumes an additional unit of the same good (or a homogenous good), then the satisfaction or utility derived from the consumption of that good diminishes and continues to diminish with each additional good.<br /><br />As a general empirical principle, it is true, but there are important exceptions, as can be seen <a href="https://socialdemocracy21stcentury.blogspot.com/2014/03/the-law-of-diminishing-marginal-utility.html">here</a>. But this general principle does not refute the case for government intervention in the economy. <br /><br />Moreover, most prices in modern capitalist economies are not determined by the dynamics of supply and demand, but in reality are cost-based mark-up prices, which tend to be relatively inflexible downwards. Moreover, this is now the overwhelming conclusion of the Neoclassical empirical research literature itself, as can be seen <a href="https://socialdemocracy21stcentury.blogspot.com/p/there-is-mountain-of-empirical-evidence.html">here</a> (with full citation of literature on price determination).<br /><br />The relative downwards price rigidity in modern capitalism (largely an outgrowth of businesses and corporations themselves trying to avoid flexible price markets) also destroys the whole basis of the correction mechanism envisaged in Neoclassical and Austrian economics, since they think that product markets have a tendency to clear by highly flexible prices, when in reality this is confined to a minority of markets.<br /><br />More reading here:<blockquote><a href="https://socialdemocracy21stcentury.blogspot.com/2014/03/the-law-of-diminishing-marginal-utility.html">“The ‘Law’ of Diminishing Marginal Utility,” March 7, 2014</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2014/03/the-law-of-diminishing-marginal-utility.html">Mark-up Pricing in 21 Nations and the Eurozone: the Empirical Evidence.</a></blockquote><b>BIBLIOGRAPHY</b><br />Baumol, William J. 2003. “Retrospectives: Say’s Law,” in S. Kates (ed.), <i>Two Hundred Years of Say’s Law: Essays on Economic Theory’s Most Controversial Principle</i>. Edward Elgar Pub, Cheltenham and Northampton, Mass. 39–49.<br /><br />Reinert, Erik S. 2007. <i>How Rich Countries Got Rich, and Why Poor Countries Stay Poor</i>. Carroll & Graf, New York.<br /><br />Sowell, T. 1994. <i>Classical Economics Reconsidered</i> (2nd edn.). Princeton University Press, Princeton, N.J.<br /><br />Thweatt, W. O. 1979. “Early Formulators of Say’s Law,” <i>Quarterly Review of Economics</i> and Business 19: 79–96.http://socialdemocracy21stcentury.blogspot.com/2018/03/academic-agent-on-six-key-lessons-from.htmlnoreply@blogger.com (LK)11tag:blogger.com,1999:blog-6245381193993153721.post-1321985425766270156Fri, 23 Feb 2018 08:12:00 +00002018-02-23T02:52:53.342-08:00The Catastrophic Failure of MulticulturalismThe Catastrophic Failure of MulticulturalismExplained in this interesting and concise video:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/oG2ESfozdpk" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br /><br />In reality, <a href="http://jasss.soc.surrey.ac.uk/16/3/7.html">human beings evolved to have ethnic identity and ethnocentric cooperation.</a> This is the <i>real basis of socialism</i> as a political or economic form of political organisation within a modern nation state. <br /><br />Multiculturalism and multi-ethnic mass immigration will undermine and destroy a society that has a strong level of social and ethnic cohesion with democratic “socialism” in the non-Marxist sense (that is, a welfare state, generous social security, universal health care, and interventionist government policies to promote the common social and economic well-being of the community).<br /><br />The modern left is too stupid and deranged to understand that (1) ethnic nationalism must be the basis of progressive liberalism, old-fashioned Social Democracy, or democratic socialism, and that (2) the Cult of Diversity is, ultimately, a death sentence for economic and social progressivism or socialism that many on the Left support.http://socialdemocracy21stcentury.blogspot.com/2018/02/the-catastrophic-failure-of.htmlnoreply@blogger.com (LK)2tag:blogger.com,1999:blog-6245381193993153721.post-5925148272517054188Sat, 17 Feb 2018 13:52:00 +00002018-02-17T06:23:34.746-08:00Opposition to Mass Immigration in the British Labour Party of 1948Opposition to Mass Immigration in the British Labour Party of 1948In 1948 after World War II, Britain started to receive low-level immigration from its colonies. But – even within the British Labour party of that era – there were those who sensed that this could be the beginning of mass immigration on a scale likely to cause serious problems in Britain.<br /><br />For example, the Prime Minister Clement Attlee was sent a letter on 22 June, 1948 signed by eleven Labour members of parliament who opposed mass immigration into Britain.<br /><br />This letter said the following:<blockquote>“This country may become an open reception centre for immigrants not selected in respect to health, education, training, character, customs and above all, whether assimilation is possible or not.<br /><br />The British people fortunately enjoy a profound unity without uniformity in their way of life, and are blest by the absence of a colour racial problem. An influx of coloured people domiciled here is likely to impair the harmony, strength and cohesion of our public and social life and to cause discord and unhappiness among all concerned.<br /><br />In our opinion colonial governments are responsible for the welfare of their peoples and Britain is giving these governments great financial assistance to enable them to solve their population problems. <font style="BACKGROUND-COLOR: yellow">We venture to suggest that the British Government should, like foreign countries, the dominions and even some of the colonies, by legislation if necessary, control immigration in the political, social, economic and fiscal interests of our people.<br /><br />In our opinion such legislation or administrative action would be almost universally approved by our people.” </FONT><br />Letter to the Prime Minister, 22 June, 1948.</BLOCKQUOTE>The notion that Liberals and Leftists have always accepted open borders and mass immigration into the West is a lie. <br /><br />In reality, concern about mass immigration on political, social, economic, and even demographic grounds was firmly part of the pre-1960s Left, and there has even been a strong tradition of support for severe immigration restriction on sectors of the Left too.<br /><br />The eleven dissident Labour members of parliament in 1948 were also correct that the British people were strongly against mass immigration. Much later when Enoch Powell, a Tory, came out against mass immigration into Britain after his “Rivers of Blood” speech of 20 April, 1968, Powell received massive popular support not only from the middle class, but also from the British working class (see Lindop 1998), as can be seen in this documentary:<br /><br /><iframe src="https://www.youtube.com/embed/rtpyfarpaCs" allowfullscreen="" width="400" height="225" frameborder="0"></iframe><br /><br />It is likely that Brexit too was to a great extent <a href="https://socialdemocracy21stcentury.blogspot.com/2016/06/demographics-of-brexit.html">the result of working class hostility to mass immigration.</a> <br /><br />In short, the British public never voted for Third World mass immigration, and never desired it. Instead, it was a policy implemented from above by both Labour and Conservative governments who did not have a mandate for a policy that would have such far-reaching economic, social and demographic effects on Britain.<br /><br />See my posts here:<blockquote><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/james-keir-hardies-views-on-mass.html">“James Keir Hardie’s Views on Mass Immigration,” August 26, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/the-1908-resolution-against-mass.html">“The 1908 Resolution against Mass Immigration by the Socialist Party of America,” August 4, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/the-mass-immigration-debate-within.html">“The Mass Immigration Debate within the Socialist Party of America from 1910–1912, Part 1,” August 2, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/the-mass-immigration-debate-within_3.html">“The Mass Immigration Debate within the Socialist Party of America from 1910–1912, Part 2,” August 3, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/04/keynes-early-views-on-population-and.html">“Keynes’ Early Views on Population and Immigration,” April 1, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/04/henry-sidgwick-on-open-borders-and-free.html">“Henry Sidgwick on Open Borders and the Free Movement of People,” April 5, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2016/08/the-old-left-and-mass-immigration.html">“The Old Left and Mass Immigration,” August 17, 2016.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2016/07/ha-joon-chang-on-wage-determination-in.html">“Ha-Joon Chang on Wage Determination in First World Nations,” July 6, 2016.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2016/03/mass-immigration-is-last-fraud-of.html">“Mass Immigration is the Last Fraud of Neoliberalism,” March 24, 2016.</a></BLOCKQUOTE><b>BIBLIOGRAPHY</b><br />Lindop, Fred. 1998. “Racism and the Working Class: Strikes in Support of Enoch Powell in 1968,” <i>Labour History Review</i> 66.1: 79–100. http://socialdemocracy21stcentury.blogspot.com/2018/02/opposition-to-mass-immigration-in.htmlnoreply@blogger.com (LK)2tag:blogger.com,1999:blog-6245381193993153721.post-7154569442174989460Thu, 18 Jan 2018 09:01:00 +00002018-01-18T10:05:34.255-08:00DarwinevolutionHuman Gender DifferencesDarwin, Evolution, and Human Gender Differences (or Darwin the Evil Sexist!)To see the abominably ignorant and crazed science-denying state of our civilisation, you need only look at this interview of Jordan Peterson:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/aMcjxSThD54" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br /><br />This stems from the insanity caused by the Liberal/Leftist cult of blank slateism, social constructivism, and the denial of biological reality and even basic principles of Darwinian evolution.<br /><br />Let us run an experiment, and go back to what Darwin said about biological differences between men and women caused by evolution.<br /><br />Charles Darwin – the discover of evolution by natural selection – wrote a book called <i>The Descent of Man and Selection in Relation to Sex</i> (1871), and a second edition of the book was published in 1874. I quote from the second edition.<br /><br />Chapter 19 is called the “Secondary Sexual Characters of Man.” In this chapter, Darwin noted some truly sexist, bigoted biological differences between men and women:<blockquote>“<font style="BACKGROUND-COLOR: yellow">There can be little doubt that the greater size and strength of man, in comparison with woman, together with his broader shoulders, more developed muscles, rugged outline of body, his greater courage and pugnacity, are all due in chief part to inheritance from his half-human male ancestors. These characters would, however, have been preserved or even augmented during the long ages of man’s savagery, by the success of the strongest and boldest men, both in the general struggle for life and in their contests for wives; a success which would have ensured their leaving a more numerous progeny than their less favored brethren.</FONT> It is not probable that the greater strength of man was primarily acquired through the inherited effects of his having worked harder than woman for his own subsistence and that of his family; for the women in all barbarous nations are compelled to work at least as hard as the men. With civilized people the arbitrament of battle for the possession of the women has long ceased; on the other hand, the men, as a general rule, have to work harder than the women for their joint subsistence, and thus their greater strength will have been kept up.<br /><br /><i>Difference in the Mental Powers of the two Sexes</i>. —With respect to differences of this nature between man and woman, it is probable that sexual selection has played a highly important part. I am aware that some writers doubt whether there is any such inherent difference; but this is at least probable from the analogy of the lower animals which present other secondary sexual characters. No one disputes that the bull differs in disposition from the cow, the wild-boar from the sow, the stallion from the mare, and, as is well known to the keepers of menageries, the males of the larger apes from the females. <font style="BACKGROUND-COLOR: yellow">Woman seems to differ from man in mental disposition, chiefly in her greater tenderness and less selfishness; </FONT> and this holds good even with savages, as shown by a well-known passage in Mungo Park’s Travels, and by statements made by many other travelers. <font style="BACKGROUND-COLOR: yellow">Woman, owing to her maternal instincts, displays these qualities towards her infants in an eminent degree; therefore it is likely that she would often extend them towards her fellow-creatures.</FONT> Man is the rival of other men; he delights in competition, and this leads to ambition which passes too easily into selfishness. These latter qualities seem to be his natural and unfortunate birthright. It is generally admitted that with woman the powers of intuition, of rapid perception, and perhaps of imitation, are more strongly marked than in man; but some, at least, of these faculties are characteristic of the lower races, and therefore of a past and lower state of civilization.<br /><br />The chief distinction in the intellectual powers of the two sexes is shown by man’s attaining to a higher eminence, in whatever he takes up, than can woman—whether requiring deep thought, reason, or imagination, or merely the use of the senses and hands. If two lists were made of the most eminent men and women in poetry, painting, sculpture, music (inclusive both of composition and performance), history, science, and philosophy, with half-a-dozen names under each subject, the two lists would not bear comparison. <font style="BACKGROUND-COLOR: yellow">We may also infer, from the law of the deviation from averages, so well illustrated by Mr. Galton, in his work on ‘Hereditary genius,’ that if men are capable of a decided pre-eminence over women in many subjects, the average of mental power in man must be above that of woman.</FONT> <br /><br />Amongst the half-human progenitors of man, and amongst savages, there have been struggles between the males during many generations for the possession of the females. But mere bodily strength and size would do little for victory, unless associated with courage, perseverance, and determined energy. <font style="BACKGROUND-COLOR: yellow">With social animals, the young males have to pass through many a contest before they win a female, and the older males have to retain their females by renewed battles. They have, also, in the case of mankind, to defend their females, as well as their young, from enemies of all kinds, and to hunt for their joint subsistence. But to avoid enemies or to attack them with success, to capture wild animals, and to fashion weapons, requires the aid of the higher mental faculties, namely, observation, reason, invention, or imagination. These various faculties will thus have been continually put to the test and selected during manhood; they will, moreover, have been strengthened by use during this same period of life. Consequently, in accordance with the principle often alluded to, we might expect that they would at least tend to be transmitted chiefly to the male offspring at the corresponding period of manhood. </FONT> <br /><br />Now, when two men are put into competition, or a man with a woman, both possessed of every mental quality in equal perfection, save that one has higher energy, perseverance, and courage, the latter will generally become more eminent in every pursuit, and will gain the ascendancy. He may be said to possess genius—for genius has been declared by a great authority to be patience; and patience, in this sense, means unflinching, undaunted perseverance. But this view of genius is perhaps deficient; for without the higher powers of the imagination and reason, no eminent success can be gained in many subjects. These latter faculties, as well as the former, will have been developed in man, partly through sexual selection,—that is, through the contest of rival males, and partly through natural selection,—that is, from success in the general struggle for life; and as in both cases the struggle will have been during maturity, the characters gained will have been transmitted more fully to the male than to the female offspring. It accords in a striking manner with this view of the modification and re-inforcement of many of our mental faculties by sexual selection, that, firstly, they notoriously undergo a considerable change at puberty, and, secondly, that eunuchs remain throughout life inferior in these same qualities. Thus man has ultimately become superior to woman. It is, indeed, fortunate that the law of the equal transmission of characters to both sexes prevails with mammals; otherwise it is probable that man would have become as superior in mental endowment to woman, as the peacock is in ornamental plumage to the peahen.<br /><br />It must be borne in mind that the tendency in characters acquired by either sex late in life, to be transmitted to the same sex at the same age, and of early acquired characters to be transmitted to both sexes, are rules which, though general, do not always hold. If they always held good, we might conclude (but I here exceed my proper bounds) that the inherited effects of the early education of boys and girls would be transmitted equally to both sexes; so that the present inequality in mental power between the sexes would not be effaced by a similar course of early training; nor can it have been caused by their dissimilar early training. In order that woman should reach the same standard as man, she ought, when nearly adult, to be trained to energy and perseverance, and to have her reason and imagination exercised to the highest point; and then she would probably transmit these qualities chiefly to her adult daughters. All women, however, could not be thus raised, unless during many generations those who excelled in the above robust virtues were married, and produced offspring in larger<br />numbers than other women. As before remarked of bodily strength, although men do not now fight for their wives, and this form of selection has passed away, yet during manhood, they generally undergo a severe struggle in order to maintain themselves and their families; and this will tend to keep up or even increase their mental powers, and, as a consequence, the present inequality between the sexes.” (Darwin 1874: 557–560).</BLOCKQUOTE>If Darwin were alive today, he would probably be jailed for “hate crimes.”<br /><br />But was Darwin right? He was not correct in everything he argued here, but nevertheless right in many other ways.<br /><br />But let us run through some of his most important assertions:<br /><br /><b>(1)</b> Darwin said: “There can be little doubt that the greater size and strength of man, in comparison with woman, together with his broader shoulders, more developed muscles, rugged outline of body, his greater courage and pugnacity, are all due in chief part to inheritance from his half-human male ancestors.”<br /><br />Modern science absolutely has found sex differences between men and women, as follows:<blockquote><b>(1)</b> on average, men are taller than women;<br /><br /><b>(2)</b> on average, men have greater upper and lower body strength (with greater muscle mass, thicker tendons, and greater bone density) than women;<br /><br /><b>(3)</b> on average, oxygen is better circulated around the male body because of higher haemoglobin levels so that, physiologically, men are better at physical activity than women;<br /><br /><b>(4)</b> on average, men have greater stamina (with higher levels of anabolic steroids);<br /><br /><b>(5)</b> on average, men have greater maximal oxygen uptake capacity than women<br /><br /><b>(6)</b> on average, men have higher levels of testosterone, and this causes behavioural differences between men and women, including greater male aggression, violence and competition (essentially what Darwin calls “pugnacity”).</blockquote>So Darwin was right.<br /><br /><b>(2)</b> Darwin said: “Woman seems to differ from man in mental disposition, chiefly in her greater tenderness and less selfishness;” and “We may also infer, from the law of the deviation from averages, so well illustrated by Mr. Galton, in his work on ‘Hereditary genius,’ that if men are capable of a decided pre-eminence over women in many subjects, the average of mental power in man must be above that of woman.”<br /><br />Modern science and psychometrics have found the following:<blockquote><b>(1)</b> there really is some evidence of a small difference between the <i>average IQ</i> of men as compared with that of women. Men appear to have a slightly higher average IQ, with about a 3–5 point advantage over women.<br /><br /><b>(2)</b> more importantly, when the IQs of a representative sample of men and women are plotted on a graph, it has been discovered that the <i>distribution of IQs</i> is not the same. See the graph of male and female IQ distribution <a href="//4.bp.blogspot.com/_tMf89VnFjEE/RrTlh7iu98I/AAAAAAAAB_E/qfPj_KOXamo/s400/SexIQa.jpg">here</a>. As we can see, the manner in which the IQs of men and women fall on the graph differs: the IQ scores of women tend to cluster around the average (with less distribution in upper and lower ranges), while male IQs tend to be distributed less around the average and more in the upper and lower ranges as compared with the IQ distribution of women.<br /><br />The average IQ for European people is about 100. So, for example, more European women have IQs that tend to cluster around 100 than the IQs of men do. This means that, numerically, there are far more high IQ men than there are women (also, it means there are far more low IQ men than there are women). Furthermore, it means that, numerically, there are fewer men of about average IQ than there are women.<br /><br /><b>(3)</b> by examining the sub-tests of IQ tests, we have discovered that – in terms of sub-tests and specific cognitive abilities – men and women also differ. Women tend, on average, to be much better at verbal abilities and language, but men tend on average to outperform women on numerical/mathematical and visual-spatial cognitive abilities.<br /><br /><b>(4)</b> There are also general psychological and behaviour differences between men and women that affect each gender’s educational choices and career choices. Women are better at verbal/language abilities, and have a general propensity to choose professions where they can use those abilities, and professions that involve greater social interaction, caring and nurturing (e.g., nursing).<br /><br /><b>(5)</b> on average, men are more competitive (because of higher levels of testosterone) and more aggressive than women.</BLOCKQUOTE>So here Darwin was essentially right too (full references to scientific literature can be found <a href="https://socialdemocracy21stcentury.blogspot.com/2017/06/why-are-there-so-few-women-in-sciences.html">here</a>), and the only problem being he should have focussed more on differences in the distribution of male versus female IQ, and on average differences in <i>specific cognitive abilities</i> such as verbal IQ, numerical/mathematical IQ, and visual-spatial IQ.<br /><br />Curiously, Darwin was a Liberal and a type of progressive Liberal in his day, and many of his defenders and followers were too, so there was clearly a time when Liberalism was compatible with accepting biological differences between men and women. <br /><br />For some reason, modern Liberalism and Leftism have been poisoned by science-denial and blank slateist social constructivism.<br /><br /><b>BIBLIOGRAPHY</b><br />Darwin, Charles. 1874. <i>The Descent of Man and Selection in Relation to Sex</i> (2nd edn.). Merrill and Baker, New York and London.http://socialdemocracy21stcentury.blogspot.com/2018/01/darwin-evolution-and-human-gender.htmlnoreply@blogger.com (LK)4tag:blogger.com,1999:blog-6245381193993153721.post-4036558618098719735Wed, 17 Jan 2018 09:37:00 +00002018-01-17T01:37:58.585-08:00Steve Keen on the Reformation of EconomicsSteve Keen on the Reformation of EconomicsSteve Keen, with other speakers, talks here on the “Reformation of Economics”:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/vPn_S6XY518" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br />http://socialdemocracy21stcentury.blogspot.com/2018/01/steve-keen-on-reformation-of-economics.htmlnoreply@blogger.com (LK)1tag:blogger.com,1999:blog-6245381193993153721.post-4030546097412650244Tue, 16 Jan 2018 13:39:00 +00002018-01-16T05:39:16.636-08:00Steve Keen on CryptocurrenciesSteve Keen on CryptocurrenciesSteve Keen gives a talk here on the nature of money and cryptocurrencies:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/0UVpYEP_TbE" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br /><br />My own post on Bitcoin can be read <a href="https://socialdemocracy21stcentury.blogspot.com/2013/04/bitcoin-is-no-great-mystery.html">here</a>.<br />http://socialdemocracy21stcentury.blogspot.com/2018/01/steve-keen-on-cryptocurrencies.htmlnoreply@blogger.com (LK)2tag:blogger.com,1999:blog-6245381193993153721.post-2809362724909997600Sat, 13 Jan 2018 14:10:00 +00002018-01-13T06:38:26.199-08:00Noam Chomsky on the Blank SlateNoam Chomsky on the Blank SlateFrom his <i>Language and Problems of Knowledge: The Managua Lectures</i> (1988):<blockquote>“<font style="BACKGROUND-COLOR: yellow">The evidence seems compelling, indeed overwhelming, that fundamental aspects of our mental and social life, including language, are determined as part of our biological endowment, not acquired by learning, still less by training, in the course of our experience. Many find this conclusion offensive. They would prefer to believe that humans are shaped by their environment, not that they develop in a manner that is predetermined in essential respects. I mentioned earlier the remarkable dominance of the behaviorist conception that language and other aspects of our beliefs and knowledge, and of our culture in general, are determined by experience. The Marxist tradition too has characteristically held that humans are products of history and society, not determined by their biological nature; of course this is not true of physical properties, such as the possession of arms rather than wings or the property of undergoing puberty at roughly a certain age, but it is held to be true of intellectual, social, and general cultural life. This standard view makes nonsense of the essentials of Marx’s own thought, I believe, for reasons already briefly indicated, but let us put that aside; there is no doubt that it is proclaimed as a point of doctrine by many who call themselves Marxists.</FONT> For several centuries now the dominant intellectual tradition in Anglo-American thought adopted similar conceptions. In this empiricist tradition it was held that the constructions of the mind result from a few simple operations of association on the basis of contiguity, phenomenal similarity, and so on, perhaps extended by a capacity for induction from a limited class of cases to a larger class of the same type. These resources must then suffice for all intellectual achievements, including language learning and much else. ….<br /><br />When some doctrine has such a powerful grip on the intellectual imagination over such a broad range and when it has little in the way of empirical support but is rather in conflict with the evidence at every point, it is fair to ask why the beliefs are so firmly maintained. Why should intellectuals be so wedded to the belief that humans are shaped by the environment, not determined by their nature?<br /><br />In earlier years environmentalism was held to be a ‘progressive’ doctrine. It undermined the belief that each person has a natural place fixed by nature: lord, servant, slave, and so on. It is true that if people have no endowments, then they are equal in endowments: equally miserable and unfortunate. Whatever appeal such a view may once have had, it is hard to take it seriously today. In fact, it was dubious even then; as noted, the traditional dualism to which it was opposed had deeper and far more persuasive reasons for assuming the essential unity of the human species and the lack of significant variation within it in any of these respects.” (Chomsky 1988: 250–252).</BLOCKQUOTE>Noam Chomsky is basically the Grand Old Man of the radical Left at this point, but it is frequently forgotten that <i>the whole basis of his academic and scholarly work</i> was a <i>vehement rejection</i> of the blank slate and a defence of biological essentialism.<br /><br />Chomsky has defended (1) the view that human beings are not blank slates as in radical (and mistaken) empiricism, and (2) the observation that human language and other cognitive traits are innately biological to a significant extent.<br /><br />The latter view was brought out in Chomsky’s now famous 1959 review of B. F. Skinner’s <i>Verbal Behavior</i>, where Chomsky attacked Skinner’s behaviourism and effectively discredited that theory. <br /><br />This is confirmed in Chomsky’s statement above when he says the following:<blockquote>“The evidence seems compelling, indeed overwhelming, that fundamental aspects of our mental and social life, including language, are determined as part of our biological endowment, not acquired by learning, still less by training, in the course of our experience. Many find this conclusion offensive. …. The Marxist tradition too has characteristically held that humans are products of history and society, not determined by their biological nature; of course this is not true of physical properties, such as the possession of arms rather than wings or the property of undergoing puberty at roughly a certain age, but it is held to be true of intellectual, social, and general cultural life. This standard view makes nonsense of the essentials of Marx’s own thought, I believe, for reasons already briefly indicated, but let us put that aside;” … . (Chomsky 1988: 250–251).</BLOCKQUOTE>As Chomsky points out, the blank slate is a popular but flawed assumption of much of the Left, certainly the Marxist left, and is not supported by the evidence.<br /><br />Chomsky talks about human nature here:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/5vuBLHhSwuM" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe><br /><br />But his claim that the genetic basis of human nature is difficult to study is collapsing now, owing to the genetic and genomic revolution. Chomsky is also wrong to be skeptical about modern evolutionary psychology.<br /><br />Chomsky is entirely correct, however, that biological essentialism is true, and the fact is that there was a strand of the Left that did not deny biological nature: the early-20th-century progressive Left, including the progressive Liberals, who defended the truth of Darwinian evolution, the truth that evolution applies to human beings, the understanding that even many of our human cognitive traits like intelligence are highly heritable, and, most controversial of all, that evolution has produced human beings in different regions with different phenotypic traits under different selective pressures. <br /><br />Of course, that kind of progressivism that defended biological essentialism has been shunned and ejected from any influence on the modern Left, which tends to embrace radical blank slateism and social constructivism.<br /><br />But all the scientific evidence today shows that blank slateism and social constructivism are utterly discredited: yet the Left continues to fanatically defend these discredited pseudo-scientific religious dogmas. Obviously, to make any progress on reforming the errors and flawed assumptions of the Left, blank slateism and social constructivism have to be abandoned.<br /><br />Of course, Chomsky himself can be criticised for not taking his commitment to the biological basis to human nature far enough, or making strange denials about the role of evolution. <br /><br />Take Chomsky’s view of the human language faculty. In standard neo-Darwinian theory not everything biological and innate is a direct adaptation, but evolution can be caused by multiple processes:<blockquote><b>(1)</b> direct adaptation;<br /><br /><b>(2)</b> exaptation (some prior adaptation then “re-designed” to solve a different adaptive problem);<br /><br /><b>(3)</b> as a by-product (or spandrel); <br /><br /><b>(4)</b> sexual selection, or <br /><br /><b>(5)</b> genetic drift.</blockquote>Chomsky has suggested that the human language faculty is (3), while most other biologists or evolutionary psychologists like Steven Pinker argue it is (1) (see Pinker and Bloom 1990). At other times, Chomsky has also suggested that the language faculty is caused by some unknown even more fundamental principles of physics (Dennett 1996: 395), but this seems absurd.<br /><br />Chomsky himself has not shrunk from commenting on the most controversial issue of all: race and average IQ differences. Chomsky has said:<blockquote>“Such arguments for environmentalism are often heard today in connection with debates over race and IQ and the like. Again, it is true that if humans have no biologically determined intellectual endowments, then there will be no correlation between IQ (a socially determined property) and anything else: race, sex, or whatever. Again, though the motivation can be appreciated, it is difficult to take the argument seriously. <font style="BACKGROUND-COLOR: yellow">Let us pretend for the moment that race and IQ are well-defined properties, and let us suppose that some correlation is found between them. Perhaps a person of a particular race, on the average, is likely to have a slightly higher IQ than a person of another race. Notice first that such a conclusion would have essentially null scientific interest.</FONT> It is of no interest to discover a correlation between two traits selected at random, and if someone happens to be interested in this odd and pointless question, it would make far more sense to study properties that are much more clearly defined, say, length of fingernails and eye color. So the interest of the discovery must lie in the social domain. But here, it is clear that the discovery is of interest only to people who believe that each individual must be treated not as what he or she is but rather as an example of a certain category (racial, sexual, or whatever). To anyone not afflicted with these disorders, it is of zero interest whether the average value of IQ for some category of persons is such-and-such. Suppose we were to discover the height has a slight correlation with ability to do higher mathematics. Would that imply that no one under a certain height should be encouraged to study higher mathematics, or would it mean that each person should be considered as an individual, encouraged to study higher mathematics if their talents and interests so indicate? Obviously the latter, even though it would then turn out that a slightly higher percentage of taller people would end up pursuing this path. Since we do not suffer from the social disease of ‘height-ism,’ the issue interests no one.<br /><br /><font style="BACKGROUND-COLOR: yellow">Surely people differ in their biologically determined qualities. The world would be too horrible to contemplate if they did not. But discovery of a correlation between some of these qualities is of no scientific interest and of no social significance, except to racists, sexists, and the like. Those who argue that there is a correlation between race and IQ and those who deny this claim are contributing to racism and other disorders, because what they are saying is based on the assumption that the answer to the question makes a difference; </FONT> it does not, except to racists, sexist, and the like.” Chomsky (1988: 252).</BLOCKQUOTE>Chomsky here is saying that blank-slate environmentalism is not needed to dismiss concerns about racial differences in average IQ, because Chomsky thinks that, if there were such differences, it is of “essentially null scientific interest” or “of no scientific interest.”<br /><br />But here Chomsky himself is absurdly wrong. If there are significant differences in average IQs between the races and other cognitive traits, then this has profound social, economic, and political implications, implications which Chomsky refuses to discuss or honestly consider.<br /><br /><b>BIBLIOGRAPHY</b><br />Chomsky, Noam. 1988. <i>Language and Problems of Knowledge: The Managua Lectures</i>. MIT Press, Cambridge, Mass and London.<br /><br />Dennett, D. C. 1996. <i>Darwin’s Dangerous Idea: Evolution and the Meanings of Life</i>. Penguin Books, London.<br /><br />Pinker, Steven and Paul Bloom, 1990. “Natural Language and Natural Selection,” <i>Behavioral and Brain Sciences</i> 13.4: 707–784.http://socialdemocracy21stcentury.blogspot.com/2018/01/noam-chomsky-on-blank-slate.htmlnoreply@blogger.com (LK)0tag:blogger.com,1999:blog-6245381193993153721.post-2295175098230911716Sun, 07 Jan 2018 18:18:00 +00002018-01-09T03:07:42.477-08:00Caucasiansrace. scienceSargon of AkkadWadeSargon of Akkad goes Full SJW RetardAnd also mixed in with a good portion of libertarian/Classical Liberal retard too.<br /><br />At this point, it is difficult not to lose all respect for Sargon. For years, he did sterling work refuting and countering all the nonsense of the SJW Left, but now seems to have fallen into – or at least been forced to throw up – Cultural Leftist nonsense. All this has happened because of his picking a fight with the Alt Right. Unfortunately, Sargon isn’t intellectually up to debating such people, and it is not just his lame Classical Liberal individualist rubbish that is the cause of this. Sargon is also ignorant of science.<br /><br />In a recent debate with Millennial Woes below, Sargon is forced to invoke social constructivist idiocy and, yes, literally goes full SJW, and asserts that white people are just a “social construct”:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/YrifNqi2qjo?rel=0&start=4842 &end=8580&autoplay=0" frameborder="0" allowfullscreen></iframe><br /><br />When Sargon says that white people are just a “social construct,” he is denying evolution, biology and modern science, and falling back on social constructivism – a cult of nonsense on the Cultural Left. <br /><br />One can easily find the facts about race in Nicholas Wade’s <i>A Troublesome Inheritance: Genes, Race and Human History</i> (New York, 2014). Wade was a <i>New York Times</i> science writer and, typically, he and his book were subject to all sort of vicious slanderous attacks, even though his basic facts are the findings of modern science and have not been refuted.<br /><br />It is easy to prove Sargon wrong by referring to the scientific facts. By “white people,” what Sargon really means is “white European Caucasians,” a sub-branch of the Caucasian/Caucasoid population group or race.<br /><br />The broad Caucasian/Caucasoid race includes more than just Europeans, of course, since it includes North African Caucasians, Middle Eastern Caucasians, the indigenous people of the Caucasus, and Central Asian Caucasians. But Europeans are an objective and real subgroup of this broad population group, which has a distinctive set of phenotypes and genetic markers.<br /><br />We can easily prove this.<br /><br />As Wade points out, humans have the same types of genes, but human races differ in terms of gene allele frequencies (Wade 2014: 96), which cause distinctive phenotypes because of a common ancestry and evolutionary history. <br /><br />Genome sequencing shows us that human populations have been subject to genetic and evolutionary changes in the various regions of settlement and in recent history, because of different selective pressures and other evolutionary processes, and that these changes differ from population to population (Wade 2014: 103).<br /><br />Genes under selection actually do differ from region to region in the genome: of genetic regions under selection, there were 206 distinct regions in the genome of Africans, 185 in East Asians, and 188 in Europeans (Wade 2014: 103).<br /><br />Evolution is driven to a great extent by the prevalence of gene variants called alleles. These alleles spread through a population by natural selection. Many important phenotypic traits are caused by a number of different genes (Wade 2014: 111). But an allele need only become more common in a population with respect to another population to cause significant evolutionary change.<br /><br />Human beings can be objectively divided into 5 major continental races, with minor races as well as additional “clines” (people of mixed ancestry). It is also a total myth that a race has to be “pure” in order to exist. This is utterly false. Modern Mestizos are a real objective race, but by origin they were a “cline,” an admixture between mostly male European Caucasians and female Amerindians.<br /><br />We can genetically classify human beings into different population groups by two objective criteria as follows:<blockquote><b>(1)</b> differences in “tandem repeats” or DNA repeats, and<br /><br /><b>(2)</b> single Nucleotide Polymorphism (SNPs).</BLOCKQUOTE>Genetic studies by either of these methods confirm that there are 5 main races:<blockquote><b>(1)</b> Caucasians/Caucasoid, <br /><b>(2)</b> East Asians,<br /><b>(3)</b> sub-Saharan Africans, <br /><b>(4)</b> Australian Aborigines, and<br /><b>(5)</b> Amerindians (Wade 2014: 97–98).</BLOCKQUOTE>There are also minor races like New Guineans and Melanesians (Wade 2014: 97), as well as “clines” (admixtures of two originally separate groups) like the people of sub-continental India (Wade 2014: 96). Within broad races, one can also find sub-groups with finer genetic testing, which often line up with traditional ethnicities (Wade 2014: 98), which have themselves shared common descent and further minor evolution.<br /><br />The hard scientific evidence for this can be found in these ground-breaking genetic studies: <blockquote><b>(1)</b> For classifications based on differences in “tandem repeats” or DNA repeats, see:<br /><br />Rosenberg, N. A., J. K. Pritchard, J. L. Weber, H. M. Cann, K. K. Kidd, L. A. Zhivotovsky, and M. W. Feldman. 2002. “Genetic Structure of Human Populations,” <i>Science</i> 298: 2381–2385.<br /><br /><b>(2)</b> For classification based on Single Nucleotide Polymorphism (SNPs), see:<br /><br />Li, J. Z., Absher, D. M., Tang, H., Southwick, A. M., Casto, A. M., Ramachandran, S., Cann, H. M., Barsh, G. S., Feldman, M., Cavalli-Sforza, L. L., and Myers, R. M. 2008. “Worldwide Human Relationships inferred from Genome-Wide Patterns of Variation,” <i>Science</i> 319.5866: 1100–1104.</BLOCKQUOTE>So science says that Caucasians are a real objective group defined by objective gene allele frequencies derived from common descent and evolution. <br /><br />What of Europeans? Europeans are a subgroup of the broad Caucasian/Caucasoid race. When people speak of white people, what they normally mean is “white European Caucasian.”<br /><br />The science of genetics also says Europeans are an objectively real group with a three-fold common descent. The evidence can be seen in Gibbons (2014), Allentoft et al. (2015), Günther et al. (2015), Mathieson et al. (2015) and Hofmanová et al. (2016). These studies are based on gene sequencing of ancient DNA in the remains of people who died thousands of years ago.<br /><br />In terms of descent, the facts appear to be that indigenous modern Europeans are a three-fold mix of three ancient populations as follows:<blockquote><b>(1)</b> Palaeolithic and Mesolithic hunter-gatherers who lived in Europe from c. 45,000 years ago;<br /><br /><b>(2)</b> Neolithic Anatolian and Aegean farmers who migrated into Europe from c. 6,500 BC–4,000 BC, and<br /><br /><b>(3)</b> Indo-European-speaking Yamnaya-culture people who swept into Europe from the Russian steppe from 3,000 to 2,000 BC.</BLOCKQUOTE>We can examine the history of these groups in greater detail as follows:<blockquote><b>(1) Palaeolithic and Mesolithic hunter-gatherers from c. 45,000 years ago</b><br />These were the earliest members of Homo sapiens in Europe; they were a hunter-gatherer people who lived in Europe from about 45,000 years ago during the end of the last Ice Age (which lasted from about 108,000 to 10,000 BC). They came from the Middle East along a Mediterranean route. But Europe must have been sparsely populated by these people: in essence, the earliest European hunter-gatherers must have been a relatively small population. These Mesolithic hunter-gatherers have contributed to modern European genetics, though to a different extent in different regions.<br /><br />It appears that <a href="https://en.wikipedia.org/wiki/Archaic_human_admixture_with_modern_humans#Neanderthals">some of them interbred with the Neanderthals</a> (who had in turn evolved from Homo erectus populations) (see <a href="http://www.nature.com/news/modern-human-genomes-reveal-our-inner-neanderthal-1.14615">here</a>). But, even if true, the Neanderthal genetic contribution to modern Europeans is low, maybe as low as 1.5–2.1% (Prüfer et al. 2014). (For a useful family tree, see <a href="http://i0.wp.com/sitn.hms.harvard.edu/wp-content/uploads/2012/12/fig1.png">here</a>). <br /><br />There also seems to be some evidence that the mysterious <a href="https://en.wikipedia.org/wiki/Denisovan">Homo sapiens denisova lived in Europe</a> in the Stone age.<br /><br />At any rate, the Palaeolithic and Mesolithic hunter-gatherers appear to have had dark skin, which lightened by Darwinian evolution over the centuries, but perhaps accelerated by the adoption of farming which involved a reduced intake of vitamin D. Blue eyes may have evolved amongst these early European hunter-gatherers as well (see <a href="http://news.nationalgeographic.com/news/2014/01/140126-blue-eye-spain-fossil-human-discovery-gene/">here</a> and <a href="https://www.theguardian.com/science/2014/jan/26/swarthy-blue-eyed-caveman-dna-tooth">here</a>).<br /><br /><b>(2) Neolithic Anatolian farmers from c. 6,500 BC–4,000 BC</b><br />From c. 6,500 BC–4,000 BC, Neolithic Anatolian farmers from northern Greece and north-western Turkey started migrating into central Europe through the Balkan route and then by the Mediterranean route to the Iberian Peninsula. They brought sedentary agricultural communities and new domestic animals and plants. Modern southern Europeans still seem to have inherited much more of their genes from these people. The original Anatolian farmer phenotype was probably similar to that of the modern people of Sardinia (Hofmanová et al. 2016: 3), and, generally speaking, the swarthy phenotype of southern Europeans is the legacy of their greater descent from the Neolithic Anatolian farmers as opposed to northern Europeans. Genetic analysis of ancient farmers seems to show that after their arrival in Europe the Neolithic Anatolian farmers only mixed infrequently and at low levels with the hunter-gatherers, but increasingly from the later Neolithic period (Hofmanová et al. 2016: 4).<br /><br /><b>(3) Indo-European-speaking Yamnaya-culture people from 3,000 to 2,000 BC</b><br />From 3,000 to 2,000 BC, there was massive migration of people from the South Russian steppe into central Europe, and then into northern and western Europe, and these people were of the <a href="https://en.wikipedia.org/wiki/Yamna_culture">Yamnaya culture</a> north of the Black Sea. These people were almost certainly proto-Indo-European speakers (Balter and Gibbons 2015), cattle herders, and probably had a phenotype with brown eyes, pale skin, and taller height. It is also interesting – and not surprising – that the Caucasian Yamnaya-culture people have bequeathed to modern Europeans the trait of persistent adult lactose tolerance (Allentoft et al. 2015: 171). The migration of the Yamnaya-culture people west and east spread the Indo-European languages (Allentoft et al. 2015: 171).</BLOCKQUOTE>All modern indigenous Europeans (e.g., even those partly descended from the later invaders from the Eurasian steppe like the Magyars or Turkic-speaking Bulgars or Cumans) have a mix of genes from these three types of ancient people (see <a href="http://www.bbc.com/news/science-environment-29213892">here</a>). <br /><br />The distinctive European traits of blue eyes (from hunter gatherers), lactose tolerance (from the Yamnaya people) and fairer skin spread by interbreeding and natural selection (see <a href="http://theconversation.com/ancient-dna-reveals-how-europeans-developed-light-skin-and-lactose-tolerance-43078">here</a> and <a href="http://www.independent.co.uk/news/science/our-european-ancestors-brought-farming-languages-and-a-love-of-dairy-study-shows-10311317.html">here</a>).<br /><br />The genetic contribution of the Neolithic Anatolian farmers is important, but admittedly less so as you move northwards in Europe. However, even the Scandinavians have significant descent from the Neolithic Anatolian farmers, and even a marginal population like the Irish do as well (see <a href="http://www.irishcentral.com/roots/new-study-claims-that-irishmen-descended-from-turkish-farmers-83217437-237788351.html">here</a>).<br /><br />The further north you go in Europe, it appears the more is the genetic contribution of the Palaeolithic and Mesolithic hunter-gatherers.<br /><br />And virtually everyone has some descent from the Indo-European-speaking Yamnaya-culture people. Linguistically, this third group is <i>fundamentally important</i> because virtually everyone in Europe now speaks an Indo-European language, apart from the Hungarians, Finns, and Estonians (who speak Finno-Ugric languages), and the Basques (who probably speak a modern descendant of the ancient Anatolian farmer language).<br /><br />The Indo-European Yamnaya-culture people of the steppe had themselves mixed with a population of hunter-gatherers isolated in the Caucasus region, so that the early Yamnaya pastoralists were a mix of Eastern European hunter gatherers and another group of hunter-gatherers from the Caucasus. These people then migrated back into Europe in a mass movement from c. 3,000 to 2,000 BC (Balter and Gibbons 2015: 815). For example, they flooded into eastern and central Europe and created the <a href="https://en.wikipedia.org/wiki/Corded_Ware_culture">Corded Ware culture (c. 3100–1900 BC)</a> (see the map <a href="https://en.wikipedia.org/wiki/File:Map_Corded_Ware_culture-en.svg">here</a>). Their descendants appear to have arrived in Greece from 2400–2000 BC bringing with them the Proto-Greek language that would evolve into Mycenaean Greek and then the later Greek dialects of Classical Greece.<br /><br /><b>Conclusion</b><br />So we have objective criteria for defining a white European Caucasian: a person whose ancestors lived in Europe for thousands of years and who shares a three-fold descent from (1) the Palaeolithic and Mesolithic hunter-gatherers of Europe, (2) Neolithic Anatolian and Aegean farmers who migrated into Europe, and (3) the Indo-Europeans. All these groups were also ancient Caucasians/Caucasoids, and Europeans are also a sub-group of a broader Caucasian/Caucasoid race.<br /><br />So Sargon can be refuted easily. I challenge him to read and respond to the evidence above, or just read the evidence in Nicholas Wade’s <i>A Troublesome Inheritance: Genes, Race and Human History</i> (New York, 2014), and the other genetic studies.<br /><br /><b>BIBLIOGRAPHY</b><br />Allentoft, Morten E. et al. 2015. “Population Genomics of Bronze Age Eurasia,” <i>Nature</i> 522 (11 June): 167–172.<br /><br />Balter, Michael and Ann Gibbons. 2015. “Indo-European Languages tied to Herders,” <i>Science</i> 347.6224: 814–815.<br /><br />Gibbons, Ann. 2014. “Three-Part Ancestry for Europeans,” <i>Science</i> 345.6201 (5 September): 1106–1107.<br /><br />Günther, Torsten et al. 2015. “Ancient Genomes link Early Farmers from Atapuerca in Spain to Modern-Day Basques,” <i>Proceedings of the National Academy of Sciences</i> 112.38: 11917–11922.<br /><br />Haak, Wolfgang. 2015. “Massive Migration from the Steppe was a Source for Indo-European Languages in Europe,” <i>Nature</i> 522: 207–211.<br /><br />Hofmanová, Zuzana et al. 2016. “Early Farmers from across Europe directly descended from Neolithic Aegeans,” <i>Proceedings of the National Academy of Sciences of the United States of America</i>, June 6<br />http://www.pnas.org/content/early/2016/06/01/1523951113.full<br /><br />Jones, Eppie R. et al. 2015. “Upper Palaeolithic Genomes reveal Deep Roots of Modern Eurasians,” <i>Nature Communications</i> 6<br />http://www.nature.com/ncomms/2015/151116/ncomms9912/full/ncomms9912.html<br /><br />Mathieson, Iain et al. 2015. “Genome-Wide Patterns of Selection in 230 Ancient Eurasians,” <i>Nature</i> 528.7583: 499–503.<br />http://www.nature.com/nature/journal/v528/n7583/full/nature16152.html<br /><br />Wade, Nicholas. 2014. <i>A Troublesome Inheritance: Genes, Race and Human History</i>. The Penguin Press, New York.http://socialdemocracy21stcentury.blogspot.com/2018/01/sargon-of-akkad-goes-full-sjw-retard.htmlnoreply@blogger.com (LK)5tag:blogger.com,1999:blog-6245381193993153721.post-7462603657907823933Fri, 05 Jan 2018 08:39:00 +00002018-01-05T00:39:44.480-08:00Steven Pinker on the Alt RightSteven Pinker on the Alt RightSee Steven Pinker’s remarks here:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/kTiRnbNT5uE" frameborder="0" gesture="media" allow="encrypted-media" allowfullscreen></iframe><br /><br />Pinker is right. Our society has become so insanely politically correct that asserting basic empirical truths is now hate crime, and many people do not even know these facts at all, and when confronted with them are shocked.<br /><br />Take the issue of biological differences between men and women, especially differences in the distribution of female versus male IQ, as I have discussed <a href="https://socialdemocracy21stcentury.blogspot.com/2017/06/why-are-there-so-few-women-in-sciences.html">here</a>. These facts about IQ and the biologically-determined physical, cognitive and personality differences between men and women explain why women do not have much interest in the hard sciences, or any great presence in that field. Instead, the field is dominated by men, just as men dominate sectors of the economy where hard physical labour is required, and this is almost entirely explained by biological differences.<br /><br />As Pinker says, the explosion of the popularity of the Alt Right is in part explained by the outrageous suppression of such basic empirical truths like these. But Pinker doesn’t go far enough. The rise of the identitarian right is also explained by the obvious catastrophe of mass Third World immigration and in particular mass Muslim immigration.<br /><br />Pinker, however, seems to get the Alt Right wrong on economics. Perhaps the anarcho-capitalists had much greater influence in the past, but the Alt Right these days seems dominated by people who are comfortable with aspects of left-wing economics, or even supportive of a Bernie Sanders-style socialism, but for white people in a white ethno-state.http://socialdemocracy21stcentury.blogspot.com/2018/01/steven-pinker-on-alt-right.htmlnoreply@blogger.com (LK)10tag:blogger.com,1999:blog-6245381193993153721.post-634970536965255461Sun, 24 Dec 2017 15:13:00 +00002017-12-24T07:13:52.584-08:00Myths about Hunter-GatherersMyths about Hunter-GatherersThe myths about hunter-gatherers are exposed in this excellent article:<BLOCKQUOTE><a href="http://quillette.com/2017/12/16/romanticizing-hunter-gatherer/">William Buckner, “Romanticizing the Hunter-Gatherer,” <i>Quillette</i>, December 16, 2017<br />http://quillette.com/2017/12/16/romanticizing-hunter-gatherer/</a></BLOCKQUOTE>Buckner points out that many of these myths were first promulgated in a conference called <a href="https://en.wikipedia.org/wiki/Man_the_Hunter">“Man the Hunter” (held at the Center for Continuing Education, University of Chicago, from 6–9 April, 1966)</a> in a paper by Richard B. Lee (Lee 1968) on the !Kung people of the Kalahari Desert (also called the Bushmen or the San people). <br /><br />Lee’s (1968) work was taken up by the anthropologist Marshall Sahlins in his book <i>Stone Age Economics</i> (1974) (2nd edn. Sahlins 2004), in which he called Stone Age hunter-gatherers the “original affluent society.”<br /><br />This idealised view of hunter-gatherer societies was based on the work of Lee (1968), and has recently been elaborated by James C. Scott’s <i>Against the Grain: A Deep History of the Earliest States</i> (2017), and James Suzman’s <i>Affluence without Abundance: The Disappearing World of the Bushmen</i> (2017).<br /><br />The Cultural Leftist and Liberal media have pushed these books and their skewed view of hunter-gatherer societies.<br /><br />Buckner, reviewing the scholarly literature, points out the lies and myths of these new romanticised views of hunter-gatherers<BLOCKQUOTE><b>(1)</b> subsequent work has shown that hunger and malnutrition are prevalent in modern hunter-gatherer societies, and the notion that ancient hunter-gatherer communities, which would have been similar to modern ones, were “affluent societies” absurd (Howell 1986; Harpending and Wandsnider 1982; Konner and Shostak 1986; Silberbauer 1981). <br /><br /><b>(2)</b> modern hunter-gatherers have horrifically high infant mortality rates and low life expectancy at birth, which ranges from 21 to 36 years. (Lee 1993; Howell 1979; Headland 1988; Gurven and Kaplan 2007; Migliano et al. 2007), and we should expect that this was true of Stone Age hunter-gatherers.<br /><br /><b>(3)</b> the mobile nature of the hunter-gatherer lifestyle means that hunter-gatherers are vulnerable to the pathogens of different regions, and have difficulty evolving resistance to such pathogens. This should be true of ancient hunter-gatherers too.<br /><br /><b>(4)</b> the extent of equality in hunter-gatherer communities is exaggerated (Gurven 2004; Smith et al. 2011; Smith 2004), though it is less than in most agricultural societies. There is no compelling reason to think ancient hunter-gatherer communities were different.<br /><br /><b>(5)</b> as Darwinian theory would predict, successful male hunters tend to be accorded high status and have much greater reproductive success in hunter-gatherer communities through polygamy, far more than in modern advanced societies (Brown et al. 2009; Binford 2001).<br /><br /><b>(6)</b> hunter-gatherer communities are not some models of gender equality (Tonkinson 1978; Hill et al. 2007; Hurtado and Hill 1996; Divale et al. 1976; Hewlett 1991; Rasmussen 1931), but men seem to consistently have higher status, and women inferior status.<br /><br /><b>(7)</b> Kelly (2013) finds that homicide rates of hunter-gatherer societies are far higher than most modern nation states.</BLOCKQUOTE>So, all in all, hunter-gatherer quality of life is markedly inferior to that of modern industrialised societies, and the modern Left continue to promulgate myths about these societies.<br /><br /><b>BIBLIOGRAPHY</b><br />Binford, Lewis R. 2001. <i>Constructing Frames of Reference: An Analytical Method for Archaeological Theory Building using Hunter-Gatherer and Environmental Data Sets</i>. University of California Press, Berkeley.<br /><br />Brown, G. R., Laland, K. N. and M. B. Mulder. 2009. “Bateman’s Principles and Human Sex Roles,” <i>Trends in Ecology and Evolution</i> 24: 297–304.<br /><br />Divale, William and Marvin Harris. 1976. “Population, Warfare and the Male Supremacist Complex,” <i>American Anthropologist</i> 78: 521–538.<br /><br />Edgerton, Robert B. 1992. <i>Sick Societies: Challenging the Myth of Primitive Harmony</i>. Free Press, New York and Oxford.<br /><br />Gurven, M. 2004. “To give and to give not: The Behavioral Ecology of Human Food Transfers,” <i>Behavioral and Brain Sciences</i> 27.4: 543–559.<br /><br />Gurven, Michael and Hillard Kaplan. 2007. “Longevity among Hunter-Gatherers: A Cross-Cultural Examination,” <i>Population and Development Review</i> 33.2: 321–365.<br /><br />Harpending, H. and L. Wandsnider. 1982. “Population Structure of Ghanzi and Ngamiland !Kung,” <i>Current Developments in Anthropological Genetics</i> 2: 29–50.<br /><br />Headland, T. N. 1988. “Ecosystemic Change in a Philippine Tropical Rainforest and its Effect on a Negrito Foraging Society,” <i>Tropical Ecology</i> 29: 121–135.<br /><br />Hewlett, Barry. 1991. “Demography and Childcare in Preindustrial Societies,” <i>Journal of Anthropological Research</i> 47.1: 1–38.<br /><br />Hill, Kim and A. Magdalena Hurtado. 1996. <i>Ache Life History: The Ecology and Demography of a Foraging People</i>. Aldine de Gruyter, New York.<br /><br />Howell, Nancy. 1979. <i>Demography of the Dobe !Kung</i>. Academic Press, New York and London. <br /><br />Howell, N. 1986. “Feedback and Buffers in Relation to Scarcity and Abundance: Studies of Hunter-Gatherer Populations,” in D. Coleman and R. Schofield (eds.), <i>The State of Population Theory</i>. Basil Blackwell, New York. 156–187.<br /><br />Hurtado A. M. and R. S. Walker. 2007. “High Adult Mortality among Hiwi Hunter-Gatherers: Implications for Human Evolution,” <i>Journal of Human Evolution</i> 52: 443–454.<br /><br />Kaplan, David. 2000. “The Darker Side of the ‘Original Affluent Society,’” <i>Journal of Anthropological Research</i> 56.3: 301–324.<br /><br />Keeley, Lawrence H. 1996. <i>War before Civilization</i>. Oxford University Press, New York and Oxford.<br /><br />Kelly, Robert L. 2013. “From the Peaceful to the Warlike: Ethnographic and Archaeological Insights into Hunter-Gatherer Warfare and Homicide,” in Douglas P. Fry (ed.), <i>War, Peace, and Human Nature: The Convergence of Evolutionary and Cultural Views</i>. Oxford University Press, Oxford. 301–315.<br /><br />Konner, M. and M. Shostak. 1986. “Ethnographic Romanticism and the Idea of Human Nature: Parallels between Samoa and !Kung San,” in M. Biesele, R. Gordon, and R. Lee (eds.), <i>The Past and Future of !Kung Ethnography: Critical Reflections and Symbolic Perspectives: Essays in Honour of Lorna Marshall</i>. Helmut Buske Verlag, Hamburg. 69– 76.<br /><br />Lee, Richard. 1968. “What Hunters Do for a Living or How to Make Out on Scarce Resources,” in Richard B. Lee and Irven DeVore (eds.), Man the Hunter. Aldine Publishing Company, Chicago. 30–48.<br /><br />Lee, Richard B. 1993. <i>The Dobe Ju/’hoansi</i> (2nd edn.). Harcourt Brace College, Fort Worth and London.<br /><br />Lee, Richard B. 2013. <i>The Dobe Ju/’hoansi</i> (4th edn.). Wadsworth Cengage Learning, Belmont, CA. 294 p. <br /><br />Migliano, A. B., Vinicius, L. and M. M. Lahr. 2007. “Life History Trade-Offs explain the Evolution of Human Pygmies,” <i>Proceedings of the National Academy of Sciences of the United States of America</i> 104: 20216–20219.<br /><br />Pinker, Steven. 2011. <i>The Better Angels of our Nature: Why Violence has Declined</i>. Viking, New York, NY.<br /><br />Rasmussen, Knud. 1931. <i>The Netsilik Eskimos: Social Life and Spiritual Culture</i>. Gyldendalske Boghandel, Copenhagen.<br /><br />Sahlins, Marshall. 1974. <i>Stone Age Economics</i>. Tavistock Publications, London.<br /><br />Sahlins, Marshall David. 2004. <i>Stone Age Economics</i> (2nd edn.). Routledge, London.<br /><br />Scott, James C. 2017. <i>Against the Grain: A Deep History of the Earliest States</i>. Yale University Press, New Haven.<br /><br />Silberbauer, George B. 1981. <i>Hunter and Habitat in the central Kalahari Desert</i>. Cambridge University Press, Cambridge.<br /><br />Smith, E. A. 2004. “Why do good Hunters have higher Reproductive Success?,” <i>Human Nature</i> 15: 343–364.<br /><br />Smith, E. A., Hill, K., Marlowe, F. W., Wiessner, P., Gurven, M., Bowles, S., Borgerhoff Mulder, M., Hertz, T. and A. Bell. 2011. “Wealth Transmission and Inequality among Hunter-Gatherers,” <i>Current Anthropology</i> 51: 19–34.<br /><br />Suzman, James. 2017. <i>Affluence without Abundance: The Disappearing World of the Bushmen</i>. Bloomsbury, New York.<br /><br />Tonkinson, R. 1978. <i>The Mardudjara Aborigines: Living the Dream in Australia’s Desert</i>. Holt, Rhinehart and Winston, New York.<br /><br />Tacey, I. and D. Riboli. 2014. “Violence, Fear and Anti-Violence: The Batek of Peninsular Malaysia,” <i>Journal of Aggression, Conflict and Peace Research</i> 6: 203–215.<br />http://socialdemocracy21stcentury.blogspot.com/2017/12/myths-about-hunter-gatherers.htmlnoreply@blogger.com (LK)3tag:blogger.com,1999:blog-6245381193993153721.post-6592141638031362301Tue, 19 Dec 2017 10:52:00 +00002017-12-19T02:52:46.742-08:00Charles de Gaulle’s Hate SpeechCharles de Gaulle’s Hate SpeechCharles de Gaulle – leader of Free France (1940–1944), head of the Provisional Government of the French Republic (1944–1946) and President of France from 1958–1959 – had a serious problem with hate speech. <br /><br />From a speech General de Gaulle gave on 5 March, 1959:<BLOCKQUOTE>“C’est très bien qu’il y ait des Français jaunes, des Français noirs, des Français bruns. Ils montrent que la France est ouverte à toutes les races et qu’elle a une vocation universelle. Mais à condition qu’ils restent une petite minorité. Sinon, la France ne serait plus la France. Nous sommes quand même avant tout un peuple européen de race blanche, de culture grecque et latine et de religion chrétienne. …. Les Arabes sont des Arabes, les Français sont des Français. Vous croyez que le corps français peut absorber dix millions de musulmans, qui demain seront vingt millions, après demain quarante? Si nous faisions l’intégration, si tous les Arabes et les Berbères d’Algérie étaient considérés comme des Français, les empêcheriez-vous de venir s’installer en métropole, alors que le niveau de vie y est tellement plus élevé? Mon village ne s’appellerait plus Colombey-les-Deux-Eglises mais Colombey-les-Deux-Mosquées.” http://www.danielpipes.org/13279/enoch-powell-charles-de-gaulle<br /><br />An English translation:<br />“It’s very good that there are yellow French, black French, brown French. They show that France is open to all races and has a universal vocation. <FONT style="BACKGROUND-COLOR: yellow">But it is good on the condition that they remain a small minority. Otherwise, France would no longer be France. We are still above all a white European people, of Greek and Latin culture and of Christian religion. .... Arabs are Arabs, the French are French. Do you think the French body politic can absorb ten million Muslims, who tomorrow will be twenty million, after tomorrow forty? </FONT> If we integrated, if all the Arabs and Berbers of Algeria were considered French, would you prevent them from settling in France, where the standard of living is so much higher? My village would no longer be called Colombey-the-Two-Churches but Colombey-the-Two-Mosques.”</BLOCKQUOTE>What General de Gaulle said here is entirely reasonable, and correct.<br /><br />And we can bet that virtually all the French and British men who fought Nazi Germany in the Second World War would have thought the same way about their countries.<br /><br />Did the men who defeated Nazism fight to transform Britain and France <a href="http://www.pewresearch.org/fact-tank/2017/12/04/europes-muslim-population-will-continue-to-grow-but-how-much-depends-on-migration/">more and more into majority Muslim nations?</a> Did they fight fascists to have vicious hate speech laws imposed on Britain and France a generation later, which <a href="https://www.jihadwatch.org/2017/08/uk-police-warn-man-to-stop-criticizing-islam-on-facebook">may as well be de facto Islamic blasphemy laws</a>?<br /><br />Today, if a British or French politician said what de Gaulle said, they would probably be viciously persecuted with hate speech crime and called “Nazis” by large numbers of truly sick and evil people on the Left and multicultural Right.http://socialdemocracy21stcentury.blogspot.com/2017/12/charles-de-gaulles-hate-speech.htmlnoreply@blogger.com (LK)3tag:blogger.com,1999:blog-6245381193993153721.post-3694246789788004084Wed, 06 Dec 2017 14:30:00 +00002017-12-06T06:33:30.078-08:00The Cultural Left is an International JokeThe Cultural Left is an International JokeOver in China, where they have an ancient and healthy civilisation and culture, the Chinese recognise the stupidity, ignorance, hypocrisy, and suicidal insanity of the Western Cultural Left:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/f4R8o56ilQs" frameborder="0" gesture="media" allow="encrypted-media" allowfullscreen></iframe><br /><br />The Chinese are laughing at us as we destroy our civilisation because of the policies demanded by the multicultural, self-hating, cancerous Cultural Left, policies which, these days, are also often strongly supported by the equally disgusting mainstream multicultural Conservatives (who simply combine Cultural Leftism with free market economics).http://socialdemocracy21stcentury.blogspot.com/2017/12/the-cultural-left-is-international-joke.htmlnoreply@blogger.com (LK)3tag:blogger.com,1999:blog-6245381193993153721.post-7063022757859942847Mon, 04 Dec 2017 10:17:00 +00002017-12-04T02:17:23.148-08:00Sargon of Akkad on Trump’s Tweets showing Islamist ViolenceSargon of Akkad on Trump’s Tweets showing Islamist ViolenceAnd the insanity of the British political and media elite. Another great video from Sargon of Akkad:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/I5ajF8Ust9k" frameborder="0" allowfullscreen></iframe><br />http://socialdemocracy21stcentury.blogspot.com/2017/12/sargon-of-akkad-on-trumps-tweets.htmlnoreply@blogger.com (LK)2tag:blogger.com,1999:blog-6245381193993153721.post-6685330419349081385Sat, 02 Dec 2017 09:45:00 +00002017-12-02T01:56:17.115-08:00Bibliography on Post Keynesian Economics (Updated)Bibliography on Post Keynesian Economics (Updated)The updated bibliography below provides a list of the most important books and articles on various topics within Post Keynesian economics.<br /><br />It is divided into the following sections (and there are now links to each section):<blockquote><a href="#Introductory"><b>(1)</b> Introductory Studies</a><br /><a href="#Advanced"><b>(2)</b> Advanced Overviews and Specialised Studies</a><br /><a href="#History"><b>(3)</b> History of Post Keynesian Economics</a><br /><a href="#Methodology"><b>(4)</b> Methodology</a><br /><a href="#Uncertainty"><b>(5)</b> Uncertainty</a><br /><a href="#Endogenous Money"><b>(6)</b> Endogenous Money</a><br /><a href="#Fiscal Policy"><b>(7)</b> Fiscal Policy</a><br /><a href="#Inflation"><b>(8)</b> Inflation</a><br /><a href="#Price Theory"><b>(9)</b> Price Theory</a><br /><a href="#Trade Theory"><b>(10)</b> Trade Theory</a><br /><a href="#Wicksellian Loanable Funds"><b>(11)</b> Against Wicksellian Loanable Funds Theory</a><br /><a href="#Verdoorn’s Law"><b>(12)</b> Kaldor’s Growth Laws and Verdoorn’s Law</a><br /><a href="#Thirlwall’s Law"><b>(13)</b> Thirlwall’s Law</a><br /><a href="#Cambridge Capital Controversies"><b>(14)</b> Cambridge Capital Controversies</a><br /><a href="#Shackle"><b>(15)</b> On the Work of George L. S. Shackle</a><br /><a href="#Hyman Minsky"><b>(16)</b> On the Work of Hyman Minsky</a><br /><a href="#Nicholas Kaldor"><b>(17)</b> Bibliography of Nicholas Kaldor’s Work</a><br /><a href="#Mitchell Innes"><b>(18)</b> Alfred Mitchell Innes and the Credit Theory of Money</a><br /><a href="#Paul Davidson"><b>(19)</b> On the Work of Paul Davidson</a>.</BLOCKQUOTE>This is a work in progress. I am not claiming it is exhaustive by any means. There are plenty of additional categories that could be included.<br /><br />Also note the following important academic journals for technical and professional Post Keynesian economics literature:<blockquote><b>(1)</b> <a href="http://www.tandfonline.com/loi/mpke20">Journal of Post Keynesian Economics</a><br /><b>(2)</b> <a href="http://rokeonline.com/">Review of Keynesian Economics</a><br /><b>(3)</b> <a href="http://cje.oxfordjournals.org/">Cambridge Journal of Economics</a><br /><b>(4)</b> <a href="http://www.paecon.net/PAEReview/">Real World Economics Review</a><br /><b>(5)</b> <a href="http://rrp.sagepub.com/">Review of Radical Political Economics</a></blockquote>Also see the Post Keynesian Economics Study Group:<blockquote><a href="http://www.postkeynesian.net/">Post Keynesian Economics Study Group (PKSG)</a></blockquote>There is also a comprehensive <a href="http://www.postkeynesian.net/downloads/PKSG_Reading_list_2016.pdf">Post Keynesian Economics Study Group Reading list here.</a><br /><br />In my bibliography below, sections (1) and (2) are in chronological order for the moment. All other sections are in alphabetical order.<br /><br />Suggestions are welcome.<br /><br /><center><b>Post Keynesian Economics Bibliography</b></center><a name="Introductory"><b>(1) Introductory Studies</b></a><br />This items in this section are in chronological order.<br />Davidson, Paul. 2009. <i>The Keynes Solution: The Path to Global Economic Prosperity</i> (1st edn). Palgrave Macmillan, New York and Basingstoke.<br /><br />Lavoie, Marc. 2009. <i>Introduction to Post-Keynesian Economics</i> (2nd rev. edn.). Palgrave Macmillan, Basingstoke, UK.<br /><br />Skidelsky, R. J. A. 2010. <i>Keynes: The Return of the Master</i> (rev. and updated edn.). Penguin, London.<br /><br />Hayes, Mark. 2010. “The Post Keynesian (Policy) Difference,”<br />http://people.pwf.cam.ac.uk/mgh37/Hayes191010.pdf<br /><br />Skidelsky, Robert. 2011. “The Relevance of Keynes,” January 17<br />http://www.skidelskyr.com/site/article/the-relevance-of-keynes/<br /><br />Skidelsky, Robert. 2011. “The Relevance of Keynes,” <i>Cambridge Journal of Economics</i> 35.1: 1–13.<br /><br />King, J. E. 2012. <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham.<br />This is the second and updated edition of this work (1st edn. King 2003) that gives excellent short essays and overviews of all major subjects in Post Keynesian economics. This is a splendid first port of call for any research, especially for the beginner.<br /><br />Wray, L. Randall. 2012. <i>Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems</i>. Palgrave Macmillan, New York.<br /><br />King, John E. 2015. <i>Advanced Introduction to Post Keynesian Economics</i>. Edward Elgar, Cheltenham.<br /><br /><a name="Advanced"><b>(2) Advanced Overviews and Specialised Studies</b></a><br />This items in this section are in chronological order<br /><br />Keynes, J. M. 1936. <i>The General Theory of Employment, Interest, and Money</i>. Macmillan, London.<br /><br />Keynes, J. M. 1937. “The General Theory of Employment,” <i>Quarterly Journal of Economics</i> 51 (February): 209–222.<br /><br />Tarshis, Lorie. 1947. <i>The Elements of Economics: An Introduction to the Theory of Price and Employment</i>. Houghton Mifflin Co., Boston.<br /><br />Robinson, J. and J. Eatwell. 1973. <i>An Introduction to Modern Economics</i>. McGraw-Hill, Maidenhead.<br /><br />Galbraith, John Kenneth. 1978. “On Post Keynesian Economics,” <i>Journal of Post Keynesian Economics</i> 1.1: 8–11.<br /><br />Kaldor, Nicholas. 1985. <i>Economics Without Equilibrium</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Pheby, J. (ed.), 1989. <i>New Directions in Post-Keynesian Economics</i>. Elgar, Aldershot.<br /><br />Targetti, F. and A. P. Thirlwall (eds), 1989. <i>The Essential Kaldor</i>. Duckworth, London.<br /><br />Eichner, Alfred S. 1991. <i>The Macrodynamics of Advanced Market Economies</i> (rev. edn), M. E. Sharpe, Armonk.<br /><br />Arestis, Philip. 1992. <i>The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy</i>. Edward Elgar Publishing, Aldershot, Hants, England.<br /><br />Arestis, Philip. 1994. <i>Post-Keynesian Approach to Economics: Alternative Analysis of Economic Theory and Policy</i> (new edn.), Edward Elgar Publishing.<br /><br />Lavoie, Marc. 1992. <i>Foundations of Post-Keynesian Economic Analysis</i>. Edward Elgar Publishing, Aldershot, UK.<br /><br />Davidson, P. (ed.). 1993. <i>Can the Free Market Pick Winners?: What Determines Investment</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Lavoie, Marc. 1994. <i>Foundations of Post-Keynesian Economic Analysis</i> (new edn), Edward Elgar Publishing.<br /><br />Davidson, Paul. 1994. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i>. Edward Elgar Publishing, Aldershot.<br /><br />Palley, Thomas I. 1996. <i>Post Keynesian Economics: Debt, Distribution, and the Macro Economy</i>. St. Martin’s Press, New York.<br /><br />Holt, R. P. F. 2001. <i>A New Guide to Post-Keynesian Economics</i>. Routledge, London and New York.<br /><br />Keen, S. 2001. <i>Debunking Economics: The Naked Emperor of the Social Sciences</i>. Zed Books, New York and London.<br /><br />Davidson, P. 2002. <i>Financial Markets, Money, and the Real World</i>. Edward Elgar, Cheltenham, UK.<br /><br />King (ed.), J. E. 2003. <i>The Elgar Companion to Post Keynesian Economics</i>. Edward Elgar Publishing, Cheltenham, UK and Northhampton, MA.<br /><br />Gnos, C. and L.-P. Rochon (eds). 2005. <i>Post-Keynesian Principles of Economic Policy</i>., Edward Elgar, Norhthampton, MA.<br /><br />Hayes, Mark. 2006. <i>The Economics of Keynes: A New Guide to The General Theory</i>. Edward Elgar, Cheltenham.<br /><br />Pasinetti, Luigi L. 2007. <i>Keynes and the Cambridge Keynesians: A ‘Revolution in Economics’ to be Accomplished</i>. Cambridge University Press, Cambridge.<br /><br />Holt, R. P. F. and S. Pressman (eds). 2007. <i>Empirical Post Keynesian Economics: Looking at the Real World</i>. M.E. Sharpe, Armonk, N.Y. and London.<br /><br />Tily, Geoff. 2007. <i>Keynes Betrayed: Keynes’s General Theory, The Rate of Interest and Keynesian Economics</i>. Palgrave Macmillan, New York.<br /><br />Godley, Wynne and Marc Lavoie. 2007. <i>Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth</i>. Palgrave Macmillan, New York, N.Y.<br /><br />Minsky, H. P. 2008 [1975]. <i>John Maynard Keynes</i>. McGraw-Hill, New York and London.<br /><br />Mitchell, William and Joan Muysken. 2008. <i>Full Employment Abandoned: Shifting Sands and Policy Failures</i>. Edward Elgar, Cheltenham.<br /><br />Davidson, Paul. 2009. <i>John Maynard Keynes</i> (rev. edn.). Palgrave Macmillan, Basingstoke.<br /><br />Hein, Eckhard and Engelbert Stockhammer (eds.). 2011. <i>A Modern Guide to Keynesian Macroeconomics and Economic Policies</i>. Edward Elgar, Cheltenham.<br />A recent collection of essays on many different subjects.<br /><br />Keen, Steve. 2011. <i>Debunking Economics: The Naked Emperor Dethroned?</i> (rev. and expanded edn.). Zed Books, London and New York.<br />This is the revised and updated version of Keen’s earlier work (Keen 2001).<br /><br />Davidson, Paul. 2011. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i> (2nd edn). Edward Elgar Publishing, Cheltenham.<br /><br />Harcourt, G. C. and Peter Kriesler (eds.). 2013. <i>The Oxford Handbook of Post-Keynesian Economics. Volume 1: Theory and Origins</i>. Oxford University Press, New York.<br /><br />Harcourt, G. C. and Peter Kriesler (eds.). 2013. <i>The Oxford Handbook of Post-Keynesian Economics. Volume 2: Critiques and Methodology</i>. Oxford University Press, New York.<br />A two volume collection of essays and advanced overviews of many different issues in Post Keynesian economics.<br /><br />Lee, Frederic S. and Marc Lavoie (eds.). 2013. <i>In Defense of post-Keynesian and Heterodox Economics: Responses to their Critics</i>. Routledge, London.<br /><br />Jespersen, Jesper and Mogens Ove Madsen (eds.). 2013. <i>Teaching Post Keynesian Economics</i>. Edward Elgar, Cheltenham, UK.<br />A collection of papers by leading Post Keynesian economists.<br /><br />Lavoie, Marc. 2014. <i>Post-Keynesian Economics: New Foundations</i>. Edward Elgar, Cheltenham.<br />This is the newly updated and expanded version of Lavoie’s earlier work (Lavoie 1992). It runs to 680 pages, and is possibly the best and most authoritative work available.<br /><br />Davidson, Paul. 2015. <i>Post Keynesian Theory and Policy: A Realistic Analysis of the Market Oriented Capitalist Economy</i>. Edward Elgar Publishing, Cheltenham, UK. <br /><br />Mitchell, Bill and L. Randall Wray. 2016. <i>Modern Monetary Theory and Practice: An Introductory Text</i>. CreateSpace Independent Publishing Platform.<br />See also <a href="http://e1.newcastle.edu.au/mmt/">here.</a><br /><br />Halevi, Joseph, Harcourt, G. C., Kriesler, Peter and John Nevile. 2016. <i>Post-Keynesian Essays from Down Under. Theory and Policy in an Historical Context. Volume I: Essays on Keynes, Harrod and Kalecki</i>. Palgrave Macmillan, Basingstoke, UK.<br /><br />Halevi, Joseph, Harcourt, G. C., Kriesler, Peter and John Nevile. 2016. <i>Post-Keynesian Essays from Down Under. Volume II: Essays on Policy and Applied Economics. Theory and Policy in an Historical Context.</i> Palgrave Macmillan, Basingstoke, UK.<br /><br />Halevi, Joseph, Harcourt, G. C., Kriesler, Peter and John Nevile. 2016. <i>Post-Keynesian Essays from Down Under. Volume III: Essays on Ethics, Social Justice and Economics. Theory and Policy in an Historical Context</i>. Palgrave Macmillan, Basingstoke, UK.<br /><br />Halevi, Joseph, Harcourt, G. C., Kriesler, Peter and John Nevile. 2016. <i>Post-Keynesian Essays from Down Under. Volume IV: Essays on Theory. Theory and Policy in an Historical Context</i>. Palgrave Macmillan, Basingstoke, UK.<br /><br />Wray, L. Randall. 2016. <i>Why Minsky Matters: An Introduction to the Work of a Maverick Economist</i>. Princeton University Press, Princeton.<br /><br />Pilkington, Philip. 2016. <i>The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory</i>. Palgrave Macmillan, Cham, Switzerland.<br /><br /><a name="History"><b>(3) History of Post Keynesian Economics</b></a><br />Ambrosi, Gerhard Michael. 2003. <i>Keynes, Pigou and Cambridge Keynesians: Authenticity and Analytical Perspective in the Keynes-Classics Debate</i>. Palgrave Macmillan, Basingstoke.<br /><br />Arestis, P. 1996. “Post-Keynesian Economics: Towards Coherence,” <i>Cambridge journal of Economics</i> 20.1: 111–135.<br /><br />Arestis, Philip, Dunn, Stephen P. and Malcolm Sawyer. 1999. “Post Keynesian Economics and its Critics,” <i>Journal of Post Keynesian Economics</i> 21.4: 527–549.<br /><br />Davidson, Paul. 2003–2004. “Setting the Record Straight on ‘A History of Post Keynesian Economics,’” <i>Journal of Post Keynesian Economics</i> 26.2 245–272.<br /><br />Davidson, Paul. 2005. “Galbraith and the Post Keynesians,” <i>Journal of Post Keynesian Economics</i> 28.1: 103–113.<br /><br />Davidson, Paul. 2005. “Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian,” <i>Journal of Post Keynesian Economics</i> 27.3: 393–408.<br /><br />Davidson, Paul. 2013. “Keynesian Foundations of Post-Keynesian Economics,” in G. C. Harcourt and Peter Kriesler (eds.), <i>The Oxford Handbook of Post-Keynesian Economics. Volume 1: Theory and Origins</i>. Oxford University Press, New York. 122–137.<br /><br />Dunn, S. P. 2000. “Wither Post Keynesianism?,” <i>Journal of Post Keynesian Economics</i> 22.3: 343–364.<br /><br />Earl, P. E. and Stephen F. Frowen (eds). 2000. <i>Economics as an Art of Thought: Essays in Memory of G.L.S. Shackle</i>. Routledge, London.<br /><br />Fontana, Giuseppe. 2005. “‘A History of Post Keynesian Economics since 1936’: Some Hard (and not so Hard) Questions for the Future,” <i>Journal of Post Keynesian Economics</i> 27.3: 409–421.<br /><br />Hamouda, O. F. and Geoffrey Colin Harcourt. 1988. “Post-Keynesianism: From Criticism to Coherence?,” <i>Bulletin of Economic Research</i> 40.1: 1–33.<br /><br />Hamouda, O. F. and Geoffrey Colin Harcourt. 2003 [1988]. “Post-Keynesianism: From Criticism to Coherence?,” in Claudio Sardoni (ed.), <i>On Political Economists and Modern Political Economy: Selected Essays of G. C. Harcourt.</i> Routledge, London. 209–232.<br /><br />Harcourt, Geoffrey Colin. 1979. <i>Joan Robinson: Portrait of a Lady</i>. University of Adelaide Economics Department, Adelaide.<br /><br />Harcourt, Geoffrey Colin. 1993. <i>Post-Keynesian Essays in Biography: Portraits of Twentieth-Century Political Economists</i>. Macmillan, Basingstoke.<br /><br />Harcourt, Geoffrey Colin. 2001. “Joan Robinson and her Circle,” <i>History of Economic Ideas</i> 9: 59–71.<br /><br />Harcourt, Geoffrey Colin. 2001. “Post-Keynesian Thought,” in G. C. Harcourt, <i>50 Years a Keynesian and Other Essays</i>. Palgrave, London. 263–285.<br /><br />Harcourt, Geoffrey Colin. 2003. “Cambridge Economic Tradition,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i>. Edward Elgar, Cheltenham. 44–51.<br /><br />Harcourt, Geoffrey Colin. 2012. “Cambridge Economic Tradition,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i>. Edward Elgar, Cheltenham. 61–68.<br /><br />Harcourt, Geoffrey Colin. 2006. <i>The Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers</i>. Cambridge University Press, Cambridge and New York.<br /><br />Harcourt, Geoffrey Colin and Prue Kerr. 2009. <i>Joan Robinson</i>. Palgrave Macmillan, New York, NY.<br /><br />Hayes, M. G. 2010. “The Fault Line between Keynes and the Cambridge Keynesians: A Review Essay,” <i>Review of Political Economy</i> 22:1: 151–160.<br /><br />King, J. E. 1994. <i>Conversations with Post Keynesians</i>. Macmillan, Basingstoke.<br /><br />King, J. E. 1997. “Notes on the History of Post Keynesian Economics in Australia,” in P. Arestis, G. Palma and M. C. Sawyer (eds.), <i>Capital Controversy, Post Keynesian Economics and the History of Economic Theory: Essays in Honour of Geoff Harcourt</i> (vol. 1). Routledge, London and New York. 298–309.<br /><br />King, J. E. 2002. <i>A History of Post Keynesian Economics since 1936</i>. Edward Elgar Publishing, Cheltenham, UK and Northampton, MA.<br /><br />King, J. E. 2005. “Unwarping the Record: A Reply to Paul Davidson,” <i>Journal of Post Keynesian Economics</i> 27.3: 377–384.<br /><br />King, J. E. 2009. <i>Nicholas Kaldor</i>. Palgrave Macmillan, Basingstoke and New York.<br /><br />King, J. E. 2012. “Post Keynesians and Others,” <i>Review of Political Economy</i> 24.2: 305–319.<br /><br />Kregel, Jan. 2013. “A Personal View of the Origins of Post-Keynesian Ideas in the History of Economics,” in G. C. Harcourt and Peter Kriesler (eds.), <i>The Oxford Handbook of Post-Keynesian Economics. Volume 1: Theory and Origins</i>. Oxford University Press, New York. 45–50.<br /><br />Lavoie, Marc. 2005. “Changing Definitions: A Comment on Davidson’s Critique of King’s History of Post Keynesianism,” <i>Journal of Post Keynesian Economics</i> 27.3: 371–376.<br /><br />Lavoie, Marc. 2010. “Should Sraffian economics be dropped out of the Post-Keynesian School?,” Paper prepared for the Conference at the University of Roma Tre, 2–4 December.<br />http://host.uniroma3.it/eventi/sraffaconference2010/abstracts/pp_lavoie.pdf<br /><br />Lavoie, Marc. 2011. “History and Methods of Post-Keynesian Economics,” in Eckhard Hein and Engelbert Stockhammer (eds.), <i>A Modern Guide to Keynesian Macroeconomics and Economic Policies</i>. Edward Elgar, Cheltenham. 1–33.<br /><br />Lavoie, Marc. 2014. “To which of the Five Streams of Post-Keynesianism does John King belong?”<br />http://www.vu.edu.au/sites/default/files/cses/pdfs/lavoie-paper.pdf<br /><br />Lavoie, Marc. 2014. <i>Post-Keynesian Economics: New Foundations</i>. Edward Elgar, Cheltenham. pp. 38–47. <br /><br />Lee, Frederic S. 2009. <i>A History of Heterodox Economics: Challenging the Mainstream in the Twentieth Century</i>. Routledge, London and New York.<br /><br />Mongiovi, G. 2003. “Sraffian Economics,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i>. Edward Elgar, Cheltenham. 318–322.<br /><br />Pasinetti, L. L. 2005. “The Cambridge School of Keynesian Economics,” <i>Cambridge Journal of Economics</i> 29.6: 837–848.<br /><br />Pasinetti, Luigi L. 2007. <i>Keynes and the Cambridge Keynesians: A ‘Revolution in Economics’ to be Accomplished</i>. Cambridge University Press, Cambridge.<br /><br />Roncaglia, A. 1991. “The Sraffian Schools,” <i>Review of Political Economy</i> 3.2: 187–220.<br /><br />Skidelsky, R. J. A. 1983. <i>John Maynard Keynes: Hopes Betrayed 1883–1920</i> (vol. 1). Macmillan, London.<br /><br />Skidelsky, R. J. A. 1992. <i>John Maynard Keynes: The Economist as Saviour 1920–1937</i> (vol. 2). Macmillan, London.<br /><br />Skidelsky, R. J. A. 2000. <i>John Maynard Keynes: Fighting for Britain 1937–1946</i> (vol. 3), Macmillan, London.<br /><br />Thirlwall, A. P. 1987. <i>Nicholas Kaldor</i>. Wheatsheaf Books, Brighton, England.<br /><br />Tily, Geoff. 2010. <i>Keynes Betrayed: The General Theory, the Rate of Interest and ‘Keynesian’ Economics</i>. Palgrave Macmillan, Basingstoke.<br /><br />Tymoigne, Eric and Frederic S. Lee. 2003–2004. “Post Keynesian Economics since 1936: A History of a Promise That Bounced?,” <i>Journal of Post Keynesian Economics</i> 26.2: 273–287.<br /><br />Walters, B. and D. Young. 1997. “On the Coherence of Post-Keynesian Economics,” <i>Scottish Journal of Political Economy</i> 44.3: 329–349.<br /><br /><a name="Methodology"><b>(4) Methodology</b></a><br />In essence, there are three, partly overlapping, methodologies proposed for Post Keynesian economics: <blockquote><b>(1)</b> Critical realism;<br /><br /><b>(2)</b> the Babylonian approach of Sheila Dow (1990; 1996), and <br /><br /><b>(3)</b> Paul Davidson’s (1996) “generalising” methodology.</BLOCKQUOTE>See the following:<br /><br />Beed, Clive. 1991. “Philosophy of Science and Contemporary Economics: An Overview,” <i>Journal of Post Keynesian Economics</i> 13.4: 459–494.<br /><br />Bhaskar, Roy. 2008. <i>A Realist Theory of Science</i> (2nd edn.), Verso, London.<br /><br />Brown, A. “Critical Realism,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 121–126.<br /><br />Brown, Andrew. 2000–2001. “A Comment on Dow’s ‘Post Keynesianism and Critical Realism: What Is the Connection?,’” <i>Journal of Post Keynesian Economics</i> 23.2: 349–355.<br /><br />Colander, David, Holt, Richard P.F. and J. Barkley Rosser Jr. 2007–2008. “Live and Dead Issues in the Methodology of Economics,” <i>Journal of Post Keynesian Economics</i> 30.2: 303–312.<br /><br />Davis, J. B. 1987. “Three Principles of Post Keynesian Methodology,” <i>Journal of Post Keynesian Economics</i> 9.4: 552–564.<br /><br />Davidson, Paul. 1996. “Reality and Economic Theory,” <i>Journal of Post Keynesian Economics</i> 18.4: 479–508.<br /><br />Dow, Sheila C. 1982. “Neoclassical Tautologies and the Cambridge Controversies: Reply,” <i>Journal of Post Keynesian Economics</i> 5.1: 132–134.<br /><br />Dow, Sheila C. 1982–1983. “Substantive Mountains and Methodological Molehills: A Rejoinder,” <i>Journal of Post Keynesian Economics</i> 5.2: 304–330.<br /><br />Dow, Sheila C. 1990. “Beyond Dualism,” <i>Cambridge Journal of Economics</i> 14.2: 143–157.<br /><br />Dow, Sheila C. 1990. “Post Keynesianism as Political Economy: A Methodological Discussion,” <i>Review of Political Economy</i> 2.3: 345–358.<br /><br />Dow, Sheila C. 1996. <i>The Methodology of Macroeconomic Thought: A Conceptual Analysis of Schools of Thought in Economics</i>. Edward Elgar, Cheltenham.<br /><br />Dow, Sheila C. 1999. “Post Keynesianism and Critical Realism: What Is the Connection?,” <i>Journal of Post Keynesian Economics</i> 22.1: 15–33.<br /><br />Dow, Sheila C. 2001. “Post Keynesian Methodology,” in Richard P.F. Holt and Steven Pressman (eds.), <i>A New Guide to Post-Keynesian Economics</i>. Routledge, London and New York. 11–20.<br /><br />Dow, Sheila C. 2003. “Understanding the Relationship between Mathematics and Economics,” <i>Journal of Post Keynesian Economics</i> 25.4: 547–560.<br /><br />Dow, Sheila C. 2004. “Structured Pluralism,” <i>Journal of Economic Methodology</i> 11.3: 275–290.<br /><br />Dow, Sheila C. 2005. “Axioms and Babylonian Thought: A Reply,” <i>Journal of Post Keynesian Economics</i> 27.3: 385–391.<br /><br />Dow, Sheila. 2012. “Babylonian Mode of Thought,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 15–19.<br /><br />Dow, Sheila. 2013. “Methodology and post-Keynesian Economics,” in G. C. Harcourt and Peter Kriesler (eds.). <i>The Oxford Handbook of Post-Keynesian Economics, Volume 2. Critiques and Methodology</i>. Oxford University Press, Oxford and New York.<br /><br />Dunn, S. P. 2008. <i>The ‘Uncertain’ Foundations of Post Keynesian Economics</i>. Routledge, London.<br /><br />Fullbrook, Edward. 2009. <i>Ontology and Economics: Tony Lawson and his Critics</i>. Routledge, New York.<br /><br />Harcourt, G. C. and P. A. Riach (eds), 1997. <i>A “Second Edition” of The General Theory</I> (Vol. 1), Routledge, London.<br /><br />Harcourt, G. C. and P. A. Riach (eds), 1997. <i>A “Second Edition” of The General Theory</I> (Vol. 2), Routledge, London.<br /><br />Jespersen, Jesper. 2009. <i>Macroeconomic Methodology: A Post-Keynesian Perspective</i>. Edward Elgar, Cheltenham, Glos. and Northampton, MA.<br /><br />Jespersen, Jesper. 2012. “Macroeconomic Methodology”, in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 379–383.<br /><br />Katzner, Donald W. 2003. “Why Mathematics in Economics?,” <i>Journal of Post Keynesian Economics</i> 25.4: 561–574.<br /><br />King, J. E. 2002. <i>A History of Post Keynesian Economics since 1936</i>. Edward Elgar Publishing, Cheltenham, UK and Northampton, MA.<br /><br />King, J. E. 2005. “Unwarping the Record: A Reply to Paul Davidson,” <i>Journal of Post Keynesian Economics</i> 27.3: 377–384.<br /><br />Lavoie, Marc. “History and Methods of Post-Keynesian Economics,” in Eckhard Hein and Engelbert Stockhammer (eds.), <i>A Modern Guide to Keynesian Macroeconomics and Economic Policies</i>. Edward Elgar, Cheltenham. 2011.<br /><br />Lawson, Tony. 1994. “The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective,” <i>Journal of Post Keynesian Economics</i> 16.4: 503–538.<br /><br />Lawson, Tony. 1997. <i>Economics and Reality</i>. Routledge, London.<br /><br />Lawson, Tony. 1999. “Connections and Distinctions: Post Keynesianism and Critical Realism,” <i>Journal of Post Keynesian Economics</i> 22.1: 3–14.<br /><br />Lawson, Tony. 2003. <i>Reorienting Economics</i>. Routledge, London.<br /><br />Lawson, Tony. 2006. “The Nature of Heterodox Economics,” <i>Cambridge Journal of Economics</i> 30: 483–505.<br /><br />Lawson, Tony and H. Pesaran (eds.). 1989. <i>Keynes’ Economics: Methodological Issues</i>. Routledge, London.<br /><br />Lewis, Paul and Jochen Runde. 1999. “A Critical Realist Perspective on Paul Davidson’s Methodological Writings on- and Rhetorical Strategy for- Post Keynesian Economics,” <i>Journal of Post Keynesian Economics</i> 22.1: 35–56.<br /><br />Loasby, B. J. 1984. “On Scientific Method,” <i>Journal of Post Keynesian Economics</i> 6.3: 394–410.<br /><br />Martins, Nuno Ornelas. 2009. “Sen's Capability Approach and Post Keynesianism: Similarities, Distinctions, and the Cambridge Tradition,” <i>Journal of Post Keynesian Economics</i> 31.4: 691–706.<br /><br />McKenna, Edward J. and Diane C. Zannoni. 1999. “Post Keynesian Economics and Critical Realism: A Reply to Parsons,” <i>Journal of Post Keynesian Economics</i> 22.1: 57–70.<br /><br />Parsons, Stephen D. 1996. “Post Keynesian Realism and Keynes’ General Theory,” <i>Journal of Post Keynesian Economics</i> 18.3: 419–441.<br /><br />Phelps, Michael G. 1980. “Laments, Ancient and Modern: Keynes on Mathematical and Econometric Methodology,” <i>Journal of Post Keynesian Economics</i> 2.4: 482–493.<br /><br />Popper, Karl R. 1978. “Three Worlds,” The Tanner Lecture on Human Values, Delivered at the University of Michigan, April 7, 1978.<br />www.thee-online.com/Documents/Popper-3Worlds.pdf‎<br /><br />Popper, Karl R. 1979. <i>Objective Knowledge: An Evolutionary Approach</i> (rev. edn.). Clarendon Press, Oxford.<br /><br />Rotheim, Roy J. 1999. “Post Keynesian Economics and Realist Philosophy,” <i>Journal of Post Keynesian Economics</i> 22.1: 71–103.<br /><br />Ruccio, David F. 1991. “Postmodernism and Economics,” <i>Journal of Post Keynesian Economics</i> 13.4: 495–510.<br /><br />Sardoni, Claudio. 1989–1990. “Chapter 18 of the General Theory: Its Methodological Importance,” <i>Journal of Post Keynesian Economics</i> 12.2: 293–307.<br /><br />Walters, Bernard and David Young. 1997. “On the Coherence of Post-Keynesian Economics,” <i>Scottish Journal of Political Economy</i> 44.3: 329–349.<br /><br />Walters, Bernard and David Young. 1999. “Is Critical Realism the Appropriate Basis for Post Keynesianism?,” <i>Journal of Post Keynesian Economics</i> 22.1: 105–123.<br /><br />Wiles, Peter. 1979–1980. “Ideology, Methodology, and Neoclassical Economics,” <i>Journal of Post Keynesian Economics</i> 2.2: 155–180.<br /><br /><a name="Uncertainty"><b>(5) Uncertainty</b></a><br />Barkley Rosser, J. 2001. “Uncertainty and Expectations,” in R. P. F. Holt and S. Pressman (eds), 2001. <i>A New Guide to Post Keynesian Economics</i>. Routledge, London and New York. 52–64.<br /><br />Barkley Rosser, J. 2001. “Alternative Keynesian and Post Keynesian Perspectives on Uncertainty and Expectations,” <i>Journal of Post Keynesian Economics</i> 23.4: 545–566.<br /><br />Boylan, Tom and Paschal O’Gorman. “Post-Keynesian Economics, Rationality, and Conventions,” in G. C. Harcourt and Peter Kriesler (eds.), <i>The Oxford Handbook of Post-Keynesian Economics. Volume 2: Critiques and Methodology</i>. Oxford University Press, New York. 62–79.<br /><br />Brady, Michael Emmett. “The Economic Consequences of G. L. S. 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A Post Keynesian Perspective,” <i>Journal of Economic Perspectives</i> 5.1: 129–143.<br /><br />Davidson, P. 1993. “The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics,” <i>Journal of Post Keynesian Economics</i> 15.3: 309–322.<br /><br />Davidson, P. 1996. “Reality and Economic Theory,” <i>Journal of Post Keynesian Economics</i> 18.4: 479–508.<br /><br />Davidson, P. 2004. “Uncertainty and Monetary Policy,” in P. Mooslechner, H. Schuberth, M. Schürz (eds), <i>Economic Policy under Uncertainty: The Role of Truth and Accountability in Policy Advice</i>. Edward Elgar, Cheltenham, UK and Northampton, MA.<br /><br />Davidson, P. 2010. “Black Swans and Knight’s Epistemological Uncertainty: Are These Concepts also Underlying Behavioral and Post-Walrasian Theory?” <i>Journal of Post Keynesian Economics</i> 32.4: 567–570.<br /><br />Dempster, G. 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A. 1997. “The Demand for Endogenous Money: A Rejoinder,” <i>Journal of Post Keynesian Economics</i> 19.3: 429–435.<br /><br />Jarsulic, Marc. 1989. “Endogenous Credit and Endogenous Business Cycles,” <i>Journal of Post Keynesian Economics</I> 12.1: 35–48.<br /><br />Kaldor, N. 1939. “Speculation and Economic Activity,” <i>Review of Economic Studies</i> 7: 1–27.<br /><br />Kaldor, N. 1982. <i>The Scourge of Monetarism</i>. Oxford University Press, Oxford and New York.<br /><br />Lavoie, Marc. 1984. “The Endogenous Flow of Credit and the Post Keynesian Theory of Money,” <i>Journal of Economic Issues</i> 18.3: 771–797.<br /><br />Lavoie, Marc. 1985. “The Post Keynesian Theory of Endogenous Money: A Reply,” <i>Journal of Economic Issues</i> 19.3: 843–848.<br /><br />Lavoie, Marc. 1985. “Credit And Money: Overdraft Economies, And Post-Keynesian Economics,” in M. Jarsulic (ed.), <i>Money and Macro Policy</i>. Kluwer-Nijhoff, Boston; Kluwer Academic Pub., Hingham, MA. 63-84.<br /><br />Lavoie, Marc. 1992. <i>Foundations of Post-Keynesian Economic Analysis</i>. Elgar, Aldershot.<br /><br />Lavoie, Marc. 1996. “Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk,” <i>Scottish Journal of Political Economy</i> 43.3: 275–300.<br /><br />Meulendyke, Ann-Marie. 1988. “Can the Federal Reserve Influence Whether the Money Supply Is Endogenous? A Comment on Moore,” <i>Journal of Post Keynesian Economics</i> 10.3: 390–397.<br /><br />Moore, Basil J. 1979. “The Endogenous Money Stock,” <i>Journal of Post Keynesian Economics</i> 2.1: 49–70.<br /><br />Moore, Basil J. 1988. <i>Horizontalists and Verticalists: The Macroeconomics of Credit Money</i>. 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Centro di studi bancari, RME Lab, Vezia. <br /><br />Rousseas, Stephen. 1998. <i>Post Keynesian Monetary Economics</i> (3rd end.), Macmillan, London.<br /><br />Setterfield, M. 2000. “Expectations, Endogenous Money, and the Business Cycle: An Exercise in Open Systems Modeling,” <i>Journal of Post Keynesian Economics</i> 23.1: 77–105.<br /><br />Setterfield, M. (ed.). 2006. <i>Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore</i>. Edward Elgar, Cheltenham, UK ; Northampton, MA.<br /><br />Shanmugam, B., Nair, M. and Ong, W. L. 2003. “The Endogenous Money Hypothesis: Empirical Evidence from Malaysia (1985–2000),” <i>Journal of Post Keynesian Economics</i> 25.4: 599–611.<br /><br />Wray, L. R. 1990. <i>Money and Credit in Capitalist Economies: The Endogenous Money Approach</i>. E. Elgar, Aldershot, Hants, England and Brookfield, Vt., USA.<br /><br />Wray, L. R. 1998. <i>Understanding Modern Money: The Key to Full Employment and Price Stability</i>. Edward Elgar, Cheltenham.<br /><br />Wray, L. Randall. 2003–2004. “Loanable Funds, Liquidity Preference, and Endogenous Money: Do Credit Cards Make a Difference?,” <i>Journal of Post Keynesian Economics</i> 26.2: 309–323.<br /><br /><a name="Fiscal Policy"><b>(7) Fiscal Policy</b></a><br />Arestis, Philip and Malcolm Sawyer. 2003. “Reinventing Fiscal Policy,” <i>Journal of Post Keynesian Economics</i> 26.1: 3–25.<br /><br />Câmara Neto, Alcino F. and Matias Vernengo. 2004–2005. “Fiscal Policy and the Washington Consensus: A Post Keynesian Perspective,” <i>Journal of Post Keynesian Economics</i> 27.2: 333–343.<br /><br />Chand, Sheetal K. 1984. “A Keynesian Fiscal Policy and the New Classical Macroeconomics,” <i>Journal of Post Keynesian Economics</i> 6.4: 509–522.<br /><br />Cunningham, Steven R. and Jon Vilasuso. 1994–1995. “Is Keynesian Demand Management Policy Still Viable?,” <i>Journal of Post Keynesian Economics</i> 17.2: 187–210.<br /><br />Eichner, Alfred S. 1988. “The Reagan Record: A Post Keynesian View,” <i>Journal of Post Keynesian Economics</i> 10.4: 541–556.<br /><br />Fazzari, Steven M. 1994–1995. “Why Doubt the Effectiveness of Keynesian Fiscal Policy?,” <i>Journal of Post Keynesian Economics</i> 17.2: 231–248.<br /><br />Hjelm, Göran. 2006–2007. “‘Expansionary Fiscal Contractions’: A Standard Keynesian Explanation,” <i>Journal of Post Keynesian Economics</i> 29.2: 327–358.<br /><br />Mitchell, William and Martin Watts. 2012. “Full Employment,” in John E. 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Routledge, London and New York. 79–91.<br /><br /><a name="Price Theory"><b>(9) Price Theory</b></a><br />Davidson, P. 1992. “Would Keynes be a New Keynesian?,” <i>Eastern Economic Journal</i> 18.4: 449–463.<br /><br />Downward, Paul. 1999. <i>Pricing Theory in Post-Keynesian Economics: A Realist Approach</i>. Edward Elgar Publishing, Cheltenham, UK and Northampton, MA.<br /><br />Downward, Paul and Frederic Lee. 2001. “Post Keynesian Pricing Theory ‘Reconfirmed’? A Critical Review of <i>Asking about Prices</i>,” <i>Journal of Post Keynesian Economics</i> 23.3: 465–483.<br /><br />Hall, R. L. and C. J. Hitch. 1939. “Price Theory and Business Behaviour,” <i>Oxford Economic Papers</i> 2: 12–45.<br /><br />Kaldor, Nicholas. 1985. <i>Economics Without Equilibrium</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Kalecki, M. 1954. <i>Theory of Economic Dynamics</i>. Allen and Unwin, London.<br /><br />Kalecki, M. 1971. <i>Selected Essays on the Dynamics of the Capitalist Economy</i>. 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US Senate Document no. 13, 74th Congress, 1st Session, Government Printing Office, Washington DC. <br /><br />Means, G. C. 1936. “Notes on Inflexible Prices,” <i>American Economic Review</i> 26 (Supplement): 23–35.<br /><br />Means, G. C. 1939–1940. “Big Business, Administered Prices, and the Problem of Full Employment,” <i>Journal of Marketing</i> 4: 370–381.<br /><br />Means, G. C. 1962. <i>Pricing Power and the Public Interest</i>. Harper and Brothers. New York.<br /><br /><a name="Trade Theory"><b>(10) Trade Theory</b></a><br />Baiman, R. 2010. “The Infeasibility of Free Trade in Classical Theory: Ricardo’s Comparative Advantage Parable has No Solution,” <i>Review of Political Economy</i> 22.3: 419–437.<br /><br />Bairoch, Paul. 1993. <i>Economics and World History: Myths and Paradoxes</i>. Harvester Wheatsheaf, New York and London.<br /><br />Brewer, A. 1985. “Trade with Fixed Real Wages and Mobile Capital,” <i>Journal of International Economics</i> 18: 177–186.<br /><br />Chang, Ha-Joon. 2002. <i>Kicking Away the Ladder: Development Strategy in Historical Perspective</i>. Anthem Press, London.<br /><br />Chang, Ha-Joon. 2008. <i>Bad Samaritans: Rich Nations, Poor Policies, and the Threat to the Developing World</i>. Random House Business, London.<br /><br />Chang, Ha-Joon and Ilene Grabel. 2004–2005. “Reclaiming Development from the Washington Consensus,” <i>Journal of Post Keynesian Economics</i> 27.2: 273–291.<br /><br />Cripps, Francis and Wynne Godley. 1978. “Control of Imports as a Means to Full Employment and the Expansion of World Trade: The UK’s Case,” <i>Cambridge Journal of Economics</i> 2.3: 327–334.<br /><br />Davidson, Paul. 2011. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i> (2nd edn). 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Duckworth, London. 234–241.<br /><br />Kaldor, Nicholas. 1980. “The Foundations of Free Trade Theory and their Implications for the Current World Recession,” in E. Malinvaud and J. P. Fitoussi (eds), <i>Unemployment in Western Countries</i>. MacMillan Press, London. 85–100.<br /><br />Kaldor, Nicholas. 1981. “The Role of Increasing Returns, Technical Progress and Cumulative Causation in the Theory of International Trade and Economic Growth,” <i>Économie Appliquée</i> 34.4: 593–617.<br /><br />Kaldor, Nicholas. 1985. <i>Economics Without Equilibrium</i>. M.E. Sharpe, Armonk, N.Y. pp. 68–75.<br /><br />Kaldor, Nicholas. 1996. <i>Causes of Growth and Stagnation in the World Economy</i>. Cambridge University Press, Cambridge. <br /><br />King, John Edward. 2013. <i>David Ricardo</i>. Palgrave Macmillan, Basingstoke, UK. pp. 81–88, 104–106.<br /><br />Lavoie, Marc. 2014. <i>Post-Keynesian Economics: New Foundations</i>. Edward Elgar, Cheltenham. pp. 507–512.<br /><br />McCombie, John S. L. 1997. “On the Empirics of Balance-of-Payments-Constrained Growth,” <i>Journal of Post Keynesian Economics</i> 19.3: 345–375.<br /><br />McCombie, J. S. L. 1993. “Economic Growth, Trade Interlinkages, and the Balance-of-Payments Constraint,” <i>Journal of Post Keynesian Economics</i> 15.4: 471–505.<br /><br />Marangos, John. 2001. “International Trade Policies for Transition Economies: The Post Keynesian Alternative,” <i>Journal of Post Keynesian Economics</i> 23.4: 689–704.<br /><br />Norman, Neville R. 1996. “A General Post Keynesian Theory of Protection,” <i>Journal of Post Keynesian Economics</i> 18.4: 509–531.<br /><br />Nowell, Gregory P. 2002–2003. “Imperialism and the Era of Falling Prices,” <i>Journal of Post Keynesian Economics</i> 25.2: 309–329.<br /><br />Palley, Thomas I. “The Free Trade Debate: A Left Keynesian Gaze.” <br />http://www.thomaspalley.com/docs/articles/international_markets/freetrade_debate.pdf<br /><br />Palley, Thomas I. 2008. “Institutionalism and New Trade Theory: Rethinking Comparative Advantage and Trade Policy,” <i>Journal of Economic Issues</i> 42.1: 195–208.<br /><br />Parrinello, Sergio. 1988. “‘On Foreign Trade’ and the Ricardian Model of Trade,” <i>Journal of Post Keynesian Economics</i> 10.4: 585–601.<br /><br />Parrinello, S. 2006. “National Competitiveness and Absolute Advantage in a Global Economy,” Dipartimento di Economia pubblica, Working paper 95, University of Rome “La Sapienza.”<br /><br />Prasch, Robert E. 1995. “Reassessing Comparative Advantage: The Impact of Capital Flows on the Argument for Laissez-Faire,” <i>Journal of Economic Issues</i> 29.2: 427–433.<br /><br />Prasch, Robert E. 1996. “Reassessing the Theory of Comparative Advantage,” <i>Review of Political Economy</i> 8.1: 37–56.<br /><br />Pullen, John. 2006. “Did Ricardo really have a Law of Comparative Advantage? 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Edward Elgar, Cheltenham. 484–489.<br /><br />Richardson, David R. 1986. “Asimakopulos on Kalecki and Keynes on Finance, Investment and Saving,” <i>Cambridge Journal of Economics</i> 10.2: 191–198. <br /><br />Rogers, C. 1989. <i>Money, Interest and Capital: A Study in the Foundations of Monetary Theory</i>. Cambridge University Press, Cambridge. Chapter 2.<br /><br />Rousseas, Stephen. 1985. “A Markup Theory of Bank Loan Rates,” <i>Journal of Post Keynesian Economics</i> 8.1: 135–144.<br /><br />Sraffa, P. 1932a. “Dr. Hayek on Money and Capital,” <i>Economic Journal</i> 42: 42–53.<br /><br />Sraffa, P. 1932b. “A Rejoinder,” <i>Economic Journal</i> 42 (June): 249–251.<br /><br />Werner, Richard A. 2014. “Can Banks individually create Money out of Nothing? – The Theories and the Empirical Evidence,” <i>International Review of Financial Analysis</i> 36: 1–19.<br /><br />Wray, L. Randall. 2003–2004. “Loanable Funds, Liquidity Preference, and Endogenous Money: Do Credit Cards Make a Difference?,” <i>Journal of Post Keynesian Economics</i> 26.2: 309–323.<br /><br /><a name="Verdoorn’s Law"><b>(12) Kaldor’s Growth Laws and Verdoorn’s Law</b></a><br /><b>Overviews</b><br />Blankenburg, Stephanie and Gabriel Palma. 2012. “Economic Development,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 138–143.<br /><br />Lavoie, Marc. 2014. <i>Post-Keynesian Economics: New Foundations</i>. Edward Elgar, Cheltenham. pp. 428–430.<br /><br /><b>Advanced</b><br />Alexiadis, Stilianos and Dimitrios Tsagdis. 2006. “Reassessing the Validity of Verdoorn’s Law under Conditions of Spatial Dependence: A Case Study of the Greek Regions,” <i>Journal of Post Keynesian Economics</i> 29.1: 149–175.<br /><br />Blitch, Charles P. 1983. “Allyn Young on Increasing Returns,” <i>Journal of Post Keynesian Economics</i> 5.3: 359–372.<br /><br />Casillas, Luis R. 1993–1994. “Kaldor versus Prebisch on Employment and Industrialization,” <i>Journal of Post Keynesian Economics</i> 16.2: 269–288.<br /><br />Chatterji, M. and Michael R. Wickens. 1983. “Verdoorn’s Law and Kaldor’s Law: A Revisionist Interpretation?,” <i>Journal of Post Keynesian Economics</i> 5.3: 397–413. <br /><br />Felipe, Jesus. 1998. “The Role of the Manufacturing Sector in Southeast Asian Development: A Test of Kaldor’s First Law,” <i>Journal of Post Keynesian Economics</i> 20.3: 463–485. <br /><br />Gomulka, Stanislaw. 1983. “Industrialization and the Rate of Growth: Eastern Europe 1955–75,” <i>Journal of Post Keynesian Economics</i> 5.3: 388–396.<br /><br />Hildreth, Andrew. 1988–1989. “The Ambiguity of Verdoorn’s Law: A Case Study of the British Regions,” <i>Journal of Post Keynesian Economics</i> 11.2: 279–294. <br /><br />Kaldor, Nicholas. 1966. <i>Causes of Slow Rate of Economic Growth of the United Kingdom: An Inaugural Lecture</i>. Cambridge University Press, London.<br /><br />Kaldor, Nicholas, 1968. “Productivity and Growth in Manufacturing Industry: A Reply,” <i>Economica</i> 35.140: 385–391.<br /><br />Kaldor, Nicholas. 1975. “Economic Growth and the Verdoorn Law: A Comment on Mr Rowthorn’s Article,” <i>Economic Journal</i> 85.340: 891–896.<br /><br />Kaldor, Nicholas. 1967. <i>Strategic Factors in Economic Development</i>. Ithaca, New York.<br /><br />Kaldor, Nicholas. 1978. <i>Further Essays on Economic Theory</i>. Duckworth, London. <br /><br />McCombie, John S. L. 1983. “Kaldor’s Laws in Retrospect,” <i>Journal of Post Keynesian Economics</i> 5.3: 414–429.<br /><br />McCombie, John S. L. 1998–1999. “In Defense of Kaldor: A Comment on Casillas’s ‘Kaldor versus Prebisch on Employment and Industrialization,’” <i>Journal of Post Keynesian Economics</i> 21.2: 353–361. <br /><br />McCombie, John S. L. and John R. De Ridder. 1983. “Increasing Returns, Productivity, and Output Growth: The Case of the United States,” <i>Journal of Post Keynesian Economics</i> 5.3: 373–387. <br /><br />Michl, Thomas R. 1985. “International Comparisons of Productivity Growth: Verdoorn’s Law Revisited,” <i>Journal of Post Keynesian Economics</i> 7.4: 474–492. <br /><br />Parikh, A. 1978. “Differences in Growth Rates and Kaldor’s Laws,” <i>Economica</i> 45: 83–91.<br /><br />Rima, Ingrid H. 2004. “China’s Trade Reform: Verdoorn’s Law Married to Adam Smith’s ‘Vent for Surplus’ Principle,” <i>Journal of Post Keynesian Economics</i> 26.4: 729–774.<br /><br />Rima, Ingrid H. 2004. “Increasing Returns, New Growth Theory, and the Classicals,” <i>Journal of Post Keynesian Economics</i> 27.1: 171–184.<br /><br />Rowthorn, R. E. 1975. “What remains of Kaldor’s Law?,” <i>Economic Journal</i> 85: 10–19.<br /><br />Skott, Peter. 1999. “Kaldor’s Growth Laws and the Principle of Cumulative Causation,” in M. Setterfield (ed.), <i>Growth, Employment and Inflation: Essays in Honour of John Cornwall</i>. St Martin’s Press, New York. 166–179.<br /><br />Skott, Peter and Paul Auerbach. 1995. “Cumulative Causation and the ‘New’ Theories of Economic Growth,” <i>Journal of Post Keynesian Economics</i> 17.3: 381–402.<br /><br />Thirlwall, A. P. 1983a. “A Plain Man’s Guide to Kaldor’s Growth Laws,” <i>Journal of Post Keynesian Economics</i> 5.3: 345–358.<br /><br />Thirlwall, A. P. 1983b. “Introduction” (Symposium: Kaldor’s Growth Laws), <i>Journal of Post Keynesian Economics</i> 5.3: 341–344.<br /><br />Thirlwall, A. P. 1997. “Reflections on the Concept of Balance-of-Payments-Constrained Growth,” <i>Journal of Post Keynesian Economics</i> 19.3: 377–385.<br /><br />Verdoorn, Petrus J. 1949. “Fattori che Regolano lo Sviluppo della Produttività del Lavoro,” <i>L’Industria</i> 1: 3–11.<br /><br />Verdoorn, Petrus J. 1980. “Verdoorn’s Law in Retrospect: A Comment,” <i>The Economic Journal</i> 90: 382–385.<br /><br />Verdoorn, Petrus J. 2002 [1949]. “Factors that Determine the Growth of Labour Productivity,” in John McCombie, Maurizio Pugno, and Bruno Soro (eds.), <i>Productivity Growth and Economic Performance. Essays on Verdoorn’s Law</i>. Palgrave Macmillan, Basingstoke, UK. 28–36. [translation of Verdoorn 1949].<br /><br />Whiteman, John L. 1987. “Productivity and Growth in Australian Manufacturing Industry,” <i>Journal of Post Keynesian Economics</i> 9.4: 576–592.<br /><br />Wolfe, J. N. 1968. “Productivity and Growth in Manufacturing Industry: Some Reflections on Professor Kaldor’s Inaugural Lecture,” <i>Economica</i> 35.138: 117–126.<br /><br />Young, Allyn. 1928. “Increasing Returns and Economic Progress,” <i>Economic Journal</i> 38: 527–542.<br /><br /><a name="Thirlwall’s Law"><b>(13) Thirlwall’s Law</b></a><br /><b>Overviews</b><br />McCombie, John S. L. 2012. “Balance-of-Payments-Constrained Economic Growth,” in J. E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 19–24.<br /><br />Davidson, Paul. 2011. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i> (2nd edn). Edward Elgar Publishing, Cheltenham. pp. 246–249, 312.<br /><br />Lavoie, Marc. 2014. <i>Post-Keynesian Economics: New Foundations</i>. Edward Elgar, Cheltenham. pp. 518–529.<br /><br /><b>Advanced</b><br />Alonso, José A. and Carlos Garcimartín. 1998–1999. “A New Approach to Balance-of-Payments Constraint: Some Empirical Evidence,” <i>Journal of Post Keynesian Economics</i> 21.2: 259–282.<br /><br />Ansari, M., Hashemzadeh, N. and Y. Xi. 2000. “The Chronicle of Economic Growth in Southeast Asian Countries: Does Thirlwall’s Law Provide an Adequate Explanation?,” <i>Journal of Post Keynesian Economics</i> 22.4: 573–588.<br /><br />Atesoglu, H. Sonmez. 1993. “Balance-of-Payments-Constrained Growth: Evidence from the United States,” <i>Journal of Post Keynesian Economics</i> 15.4: 507–514. <br /><br />Atesoglu, H. Sonmez. 1997. “Balance-of-Payments-Constrained Growth Model and Its Implications for the United States,” <i>Journal of Post Keynesian Economics</i> 19.3: 327–335. <br /><br />Bekö, Jani. 2003. “The Validity of the Balance-of-Payments-Constrained Growth Model for a Small Economy in Transition: The Case of Slovenia,” <i>Journal of Post Keynesian Economics</i> 26.1: 69–93.<br /><br />Bértola, Luis, Higachi, Hermes and Gabriel Porcile. 2002. “Balance-of-Payments-Constrained Growth in Brazil: A Test of Thirlwall’s Law, 1890–1973,” <i>Journal of Post Keynesian Economics</i> 25.1: 123–140.<br /><br />Blecker, Robert A. 1998. “International Competitiveness, Relative Wages, and the Balance-of-Payments Constraint,” <i>Journal of Post Keynesian Economics</i> 20.4: 495–526. <br /><br />Davidson, Paul. 1990–1991. “A Post Keynesian Positive Contribution to ‘Theory,’” <i>Journal of Post Keynesian Economics</i>13.2: 298–303.<br /><br />Dutt, Amitava Krishna. 2002. “Thirlwall’s Law and Uneven Development,” <i>Journal of Post Keynesian Economics</i> 24.3: 367–390.<br /><br />Hieke, Hubert. 1997. “Balance-of-Payments-Constrained Growth: A Reconsideration of the Evidence for the U.S. Economy,” <i>Journal of Post Keynesian Economics</i> 19.3: 313–325. <br /><br />León-Ledesma, Miguel A. 1999. “An Application of Thirlwall's Law to the Spanish Economy,” <i>Journal of Post Keynesian Economics</i> 21.3: 431–439. <br /><br />López G., Julio and Alberto Cruz B. 2000. “‘Thirlwall’s Law’ and beyond: The Latin American Experience,” <i>Journal of Post Keynesian Economics</i> 22.3: 477–495. <br /><br />Loría, Eduardo. 2003. “The Mexican Economy: Balance-of-Payments-Constrained Growth Model: The Importance of the Exchange Rate, 1970–1999,” <i>Journal of Post Keynesian Economics</i> 25.4: 661–691. <br /><br />McCombie, John S. L. 1993. “Economic Growth, Trade Interlinkages, and the Balance-of-Payments Constraint,” <i>Journal of Post Keynesian Economics</i> 15.4: 471–505. <br /><br />McCombie, John S. L. 1997. “On the Empirics of Balance-of-Payments-Constrained Growth,” <i>Journal of Post Keynesian Economics</i> 19.3: 345–375.<br /><br />McCombie, J. S. L. and A. P. Thirlwall. 1994. <i>Economic Growth and the Balance-of-Payments Constraint</i>. Macmillan Press, New York and Basingstoke.<br /><br />McCombie, J. S. L. and A. P. Thirlwall (eds.). 2004. <i>Essays on Balance of Payments Constrained Growth: Theory and Evidence</i>. Routledge, London. <br /><br />Moreno-Brid, Juan Carlos. 1998–1999. “On Capital Flows and the Balance-of-Payments-Constrained Growth Model,” <i>Journal of Post Keynesian Economics</i> 21.2: 283–298. <br /><br />Moreno-Brid, Juan Carlos and Esteban Pérez. 1999. “Balance-of-Payments-Constrained Growth in Central America: 1950–96,” <i>Journal of Post Keynesian Economics</i> 22.1: 131–147. <br /><br />Pugno, Maurizio. 1998. “The Stability of Thirlwall’s Model of Economic Growth and the Balance-of-Payments Constraint,” <i>Journal of Post Keynesian Economics</i> 20.4: 559–581. <br /><br />Razmi, Arslan. 2005. “Balance-of-Payments-Constrained Growth Model: The Case of India,” <i>Journal of Post Keynesian Economics</i> 27.4: 655–687. <br /><br />Sasaki, Hiroaki. 2008–2009. “North-South Ricardian Trade and Growth under the Balance-of-payments Constraint,” <i>Journal of Post Keynesian Economics</i> 31.2: 299–324. <br /><br />Setterfield, M. 2011. “The Remarkable Durability of Thirlwall’s Law,” <i>PSL Quarterly Review</i> 64: 393–427.<br /><br />Thirlwall, A. P. 1979. “The Balance of Payments Constraint as an Explanation of International Growth Rate Differences,” <i>Banca Nazionale del Lavoro Quarterly Review</i> 128.791: 45–53.<br /><br />Thirlwall, A. P. 2011. “Balance of Payments Constrained Growth Models: History and Overview,” <i>PSL Quarterly Review</i> 64.259: 307–351.<br /><br />Thirlwall, A. P. and M. N. Hussain. 1982. “The Balance of Payments Constraint, Capital Flows and Growth Rate Differences between Developing Countries,” <i>Oxford Economic Papers</i> 34: 498–509.<br /><br />Vera, Leonardo V. 2006. “The Balance-of-Payments-Constrained Growth Model: A North-South Approach,” <i>Journal of Post Keynesian Economics</i> 29.1: 67–92.<br /><br /><a name="Cambridge Capital Controversies"><b>(14) Cambridge Capital Controversies</b></a><br />Arestis, Philip, Palma, Gabriel and Malcolm Sawyer (eds.). 1997. <i>Capital Controversy, Post-Keynesian Economics and the History of Economic Thought</i>. Routledge, London.<br /><br />Cohen, Avi J. 1984. “The Methodological Resolution of the Cambridge Controversies,” <i>Journal of Post Keynesian Economics</i> 6.4: 614–629.<br /><br />Cohen, Avi J. 1985. “Issues in the Cambridge Controversies,” <i>Journal of Post Keynesian Economics</i> 7.4: 612–615.<br /><br />Cohen, Avi J. and G. C. Harcourt. 2003. “Retrospectives: Whatever happened to Cambridge Capital Controversies?,” <i>Journal of Economic Perspectives</i> 17.1: 199–214.<br /><br />Dow, Sheila C. 1980. “Methodological Morality in the Cambridge Controversies,” <i>Journal of Post Keynesian Economics</i> 2.3: 368–380.<br /><br />Fine, Ben. 2012. “Capital Theory,” in John E. King (ed.), <i>The Elgar Companion to Post Keynesian Economics</i> (2nd edn.). Edward Elgar, Cheltenham. 68–74.<br /><br />Harcourt, Geoffrey Colin. 1969. “Some Cambridge Controversies in the Theory of Capital,” <i>Journal of Economic Literature</i> 7.2: 369–405.<br /><br />Harcourt, Geoffrey Colin. 1972. <i>Some Cambridge Controversies in the Theory of Capital</i>. Cambridge University Press, Cambridge.<br /><br />King, J. 2002. “Those Cambridge Controversies,” in J. E. King, <i>A History of Post Keynesian Economics since 1936</i>. Edward Elgar, Cheltenham, UK and Northampton, MA. 79–102.<br /><br />Harcourt, Geoffrey Colin. 1976. “The Cambridge Controversies: Old Ways and New Horizons-Or Dead End?,” <i>Oxford Economic Papers</i> n.s. 28.1: 25–65.<br /><br />Robinson, Joan V. 1953–1954. “The Production Function and the Theory of Capital,” <i>Review of Economic Studies</i> 21.2: 81–106.<br /><br />Salanti, Andrea. 1982. “Neoclassical Tautologies and the Cambridge Controversies,” <i>Journal of Post Keynesian Economics</i> 5.1: 128–131.<br /><br /><a name="Shackle"><b>(15) On the Work of George L. S. Shackle</b></a><br />Carter, C. 1993. “George Shackle and Uncertainty: A Revolution Still Awaited,” <i>Review of Political Economy</i> 5.2: 127–137.<br /><br />Carvalho, Fernando. 1983–1984. “On the Concept of Time in Shacklean and Sraffian Economics,” <i>Journal of Post Keynesian Economics</i> 6.2: 265–280.<br /><br />Ford, J. L. 1993. “G. L. S. Shackle: A Brief Bio-Bibliographical Portrait,” <i>Journal of Economic Studies</i> 12.1/2: 3–12.<br /><br />Harcourt, Geoffrey Colin. 1981. “Notes on an Economic Querist: G. L. S. Shackle,” <i>Journal of Post Keynesian Economics</i> 4.1: 136–144.<br /><br />Perlman, M. 2005. “Memorialising George L. S. Shackle: A Centennial Tribute,” <i>Cambridge Journal of Economics</i> 29.2: 171–178.<br /><br />Shackle, G. L. S. 1952. <i>Expectation in Economics</i> (2nd edn), Cambridge University Press, Cambridge.<br /><br />Shackle, G. L. S. 1955. <i>Uncertainty in Economics: And Other Reflections</i>. Cambridge University Press, Cambridge. <br /><br />Shackle, G. L. S. 1958. <i>Time in Economics</i> (Professor Dr. F. de Vries lectures, 1957), North-Holland Pub. Co., Amsterdam.<br /><br />Shackle, G. L. S. 1967. <i>The Years of High Theory: Invention and Tradition in Economic Thought 1926–1939</i>. Cambridge University Press, Cambridge.<br /><br />Shackle, G. L. S. 1969 <i>Decision, Order and Time in Human Affairs</i> (2nd edn), Cambridge University Press, London.<br /><br />Shackle, G. L. S. 1972. <i>Epistemics and Economics: A Critique of Economic Doctrines</i>. Cambridge University Press, London.<br /><br />Shackle, G. L. S. 1974. <i>Keynesian Kaleidics: The Evolution of a General Political Economy</i>. Edinburgh University Press, Edinburgh.<br /><br />Shackle, G. L. S. 1976. <i>Time and Choice</i> (Keynes lecture in Economics, 1976), British Academy, London.<br /><br />Shackle, G. L. S. 1988. <i>Business, Time and Thought: Selected Papers of G.L.S. Shackle</i> (ed. S. F. Frowen), Macmillan, Basingstoke.<br /><br />Shackle, G. L. S. 1990. <i>Time, Expectations and Uncertainty in Economics: Selected Essays of G. L. S. Shackle</i> (ed. J. L. Ford), Elgar, Aldershot.<br /><br />Stephen, F. H. 1986. “Decision Making under Uncertainty: In Defence of Shackle,” <i>Journal of Economic Studies</i> 13.5: 45–57.<br /><br /><a name="Hyman Minsky"><b>(16) On the Work of Hyman Minsky</b></a><br /><a href="http://digitalcommons.bard.edu/hm_archive/">Hyman P. Minsky Archive.</a><br /><br />Minsky, H. P. 1982. <i>Can “It” Happen Again?: Essays on Instability and Finance</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Minsky, H. P. 1986. <i>Stabilizing an Unstable Economy</i>. Yale University Press, New Haven and London.<br /><br />Minsky, H. P. 1992. <i>The Financial Instability Hypothesis</i>. Working papers (Jerome Levy Economics Institute) ; no. 74.<br /><br />Minsky, H. P. 2008 [1975]. <i>John Maynard Keynes</i>. McGraw-Hill, New York and London.<br /><br />Papadimitriou, Dimitri B. and L. Randall Wray (eds.). 2010. <i>The Elgar Companion to Hyman Minsky</i>. Edward Elgar, Cheltenham, UK.<br /><br />Wray, L. Randall. 2016. <i>Why Minsky Matters: An Introduction to the Work of a Maverick Economist</i>. Princeton University Press, Princeton.<br /><br /><a name="Nicholas Kaldor"><b>(17) Bibliography of Nicholas Kaldor’s Work</b></a><br />A complete bibliography of Kaldor’s writings can be found in Targetti, Ferdinando. 1992. <i>Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System</i> (Clarendon Press, Oxford).<br /><br /><b>Books and Biographies on Kaldor</b><br />Thirlwall, A. P. 1987. <i>Nicholas Kaldor</i>. Wheatsheaf, Brighton.<br /><br />Targetti, Ferdinando. 1992. <i>Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System</i>. Clarendon Press, Oxford.<br /><br />Nell, Edward J. and Willi Semmler (eds.). 1991. <i>Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence?</i>. St. Martin’s Press, New York.<br /><br />Turner, Marjorie S. 1993. <i>Nicholas Kaldor and the Real World</i>. M. E. Sharpe, Armonk, N.Y.<br /><br />Targetti F. and A. P. Thirlwall. 1989. <i>The Essential Kaldor</i>. Duckworth, London.<br /><br />King, J. E. 2009. <i>Nicholas Kaldor</i>. Palgrave Macmillan, Basingstoke and New York.<br /><br /><b>Books by Nicholas Kaldor</b><br />Kaldor, N. 1960. <i>Essays on Economic Stability and Growth</i>. Duckworth, London. <br /><br />Kaldor, N. 1964. <i>Essays on Economic Policy</i> (vol. 1). Duckworth, London.<br /><br />Kaldor, N. 1964. <i>Essays on Economic Policy</i> (vol. 2). Duckworth, London.<br /><br />Kaldor, N. 1966. <i>The Causes of the Slow Rate of Economic Growth of the United Kingdom: An Inaugural Lecture</i>. Cambridge University Press, Cambridge. <br /><br />Kaldor, Nicholas. 1967. <i>Strategic Factors in Economic Development</i>. Ithaca, New York.<br /><br />Kaldor, Nicholas. 1978. <i>Further Essays on Economic Theory</i>. Duckworth, London.<br /><br />Kaldor, Nicholas. 1980. <i>Essays on Value and Distribution</i> (2nd edn.). Duckworth, London. <br /><br />Kaldor, N. 1982. <i>The Scourge of Monetarism</i>. Oxford University Press, Oxford and New York.<br /><br />Kaldor, Nicolas. 1983. <i>The Economic Consequences of Mrs. Thatcher</i>. Duckworth, London.<br /><br />Kaldor, Nicholas. 1985. <i>Economics Without Equilibrium</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Kaldor, N. 1989. <i>Further Essays on Economic Theory and Policy</i> (ed. by F. Targetti and Α. P. Thirlwall). Holmes & Meier, New York.<br /><br />Kaldor, Nicholas. 1996. <i>Causes of Growth and Stagnation in the World Economy</i> (ed. by Carlo Filippini, Ferdinando Targetti, A. P. Thirlwall). Cambridge University Press, Cambridge. <br /><br /><b>Collected Works of Nicholas Kaldor</b><br />There are 9 volumes of collected works of Nicholas Kaldor: volumes 1 and 2 both have first and second editions. There is a PDF of the contents pages of these collected works <a href="https://www.concertedaction.com/wp-content/uploads/2014/02/Nicholas-Kaldor-Collected-Economic-Essays.pdf">here.</a><br /><br />Kaldor, Nicholas. 1960. <i>Essays on Value and Distribution</i> (1st edn.; Collected Economic Essays volume 1). G. Duckworth, London.<br /><br />Kaldor, Nicholas. 1980. <i>Essays on Value and Distribution</i> (2nd edn.; Collected Economic Essays volume 1). Duckworth, London.<br /><br />Kaldor, Nicholas. 1960. <i>Essays on Economic Stability and Growth</i> (1st edn.; Collected Economic Essays volume 2). G. Duckworth, London.<br /><br />Kaldor, Nicholas. 1980. <i>Essays on Economic Stability and Growth</i> (2nd edn.; Collected Economic Essays volume 2). Duckworth, London.<br /><br />Kaldor, Nicholas. 1964. <i>Essays on Economic Policy – Volume One</i> (Collected Economic Essays volume 3). Duckworth, London.<br />I. Policies for Full Employment; II. The Control of Inflation; III. The Problem of Tax Reform<br /><br />Kaldor, Nicholas. 1964. <i>Essays on Economic Policy – Volume Two</i> (Collected Economic Essays volume 4). Duckworth, London.<br />IV. Policies for International Stability; V. Country Studies<br /><br />Kaldor, Nicholas. 1978. <i>Further Essays on Economic Theory</i> (Collected Economic Essays volume 5). Duckworth, London.<br /><br />Kaldor, Nicholas. 1978. <i>Further Essays on Applied Economics</i> (Collected Economic Essays volume 6). Duckworth, London.<br /><br />Kaldor, Nicholas. 1980. <i>Reports on Taxation 1</i> (Collected Economic Essays volume 7). Duckworth, London.<br /><br />Kaldor, Nicholas. 1980. <i>Reports on Taxation II</i> (Collected Economic Essays volume 8). Duckworth, London.<br /><br />Kaldor, N. 1989. <i>Further Essays on Economic Theory and Policy</i> (ed. by F. Targetti and Α. P. Thirlwall; Collected Economic Essays volume 9). Duckworth, London.<br /><br /><b>Articles by Nicholas Kaldor</b><br />Kaldor, Nicholas. 1934. “A Classificatory Note on the Determinateness of Equilibrium,” <i>The Review of Economic Studies</i> 1.2: 122–136.<br /><br />Kaldor, Nicholas. 1934. “Mrs. Robinson’s ‘Economics of Imperfect Competition,’” <i>Economica</i> n.s. 1.3: 335–341.<br /><br />Kaldor, Nicholas. 1934. “The Equilibrium of the Firm,” <i>Economic Journal</i> 44: 60–76.<br /><br />Kaldor, N. 1935. “Market Imperfection and Excess Capacity,” <i>Economica</i> n.s 2.5: 33–50.<br /><br />Kaldor, Nicholas. 1937. “Annual Survey of Economic Theory: The Recent Controversy on the Theory of Capital,” <i>Econometrica</i> 5.3: 201–233.<br /><br />Kaldor, Nicholas. 1938. “Stability and Full Employment,” <i>The Economic Journal</i> 48. 192: 642–657.<br /><br />Kaldor, Nicholas. 1939. “Welfare Propositions of Economics and Interpersonal Comparisons of Utility,” <i>The Economic Journal</i> 49.195: 549–552.<br /><br />Kaldor, Ν. 1939. “Capital Intensity and the Trade Cycle,” <i>Economica</i> 6: 40–66. [reprinted Kaldor 1960: 120–147]<br /><br />Kaldor, N. 1939. “Speculation and Economic Stability,” <i>Review of Economic Studies</i> 7: 1–27. [reprinted in Kaldor 1960: 17–58]<br /><br />Kaldor, N. 1939. “Money Wage Cuts in Relation to Unemployment: A Reply to Mr. Somers,” <i>Review of Economic Studies</i> 6: 232–235. <br /><br />Kaldor, N. 1939. “Principles of Emergency Finance,” <i>The Banker</i> 51: 149–156.<br /><br />Kaldor, N. 1940. “The Trade Cycle and Capital Intensity: A Reply,” <i>Economica</i> n.s. 7.25: 16–22.<br /><br />Kaldor, N. 1940. “A Model of the Trade Cycle,” <i>Economic Journal</i> 50: 78–95. [reprinted in Kaldor 1960: 177–192]<br /><br />Kaldor, N. 1941. “Employment and Equilibrium. A Theoretical Discussion,” <i>Economic Journal</i> 51: 458–473. [reprinted in Kaldor 1960: 83–100]<br /><br />Kaldor, N. 1941. “The White Paper on National Income and Expenditure,” <i>Economic Journal</i> 51: 181–191.<br /><br />Kaldor, N. 1942. “Professor Hayek and the Concertina-Effect,” <i>Economica</i> n.s. 9.36: 359–382.<br /><br />Kaldor, N. 1942. “Models of Short-Period Equilibrium,” <i>Economic Journal</i> 52: 250–258.<br /><br />Kaldor, N. and T. Barna. 1943. “The 1943 White Paper on National Income and Expenditure,” <i>Economic Journal</i> 53: 259–274.<br /><br />Kaldor, Nicholas. 1945–1946. “The German War Economy,” <i>The Review of Economic Studies</i> 13.1: 33–52.<br /><br />Kaldor, Nicholas. 1949. “The Economic Aspects of Advertising,” <i>The Review of Economic Studies</i> 18.1: 1–27.<br /><br />Kaldor, N. 1955. <i>An Expenditure Tax</i>. George Allen & Unwin, London.<br /><br />Kaldor, N. 1956. “Report of a Survey on Indian Tax Reform,” Ministry of Finance, Government of India, Delhi.<br /><br />Kaldor, Nicholas. 1957. “Capitalist Evolution in the Light of Keynesian Economics,” <i>Sankhyā: The Indian Journal of Statistics</i> 18.1–2: 173–182.<br /><br />Kaldor, Nicolas. 1957. “A Model of Economic Growth,” <i>Economic Journal</i> 67: 591–624.<br /><br />Kaldor, Ν. 1960. “A Rejoinder to Mr. Pindlay,” <i>Review of Economic Studies</i> 27.3: 179–181.<br /><br />Kaldor, N. 1960. <i>Suggestions for a Comprehensive Reform of Direct Taxation</i>. Government Publications Bureau, Colombo.<br /><br />Kaldor, Nicholas. 1960. “The Radcliffe Report,” <i>The Review of Economics and Statistics</i> 42.1: 14–19.<br /><br />Kaldor, N. 1961. “Increasing Returns and Technical Progress: A Comment on Professor Hicks’s Article,” <i>Oxford Economic Papers</i> 13.1: 1–4.<br /><br />Kaldor, Nicholas. 1961. “Capital Accumulation and Economic Growth,” in F. A. Lutz and D. C. Hague (eds.), <i>The Theory of Capital</i>. Macmillan, London. <br /><br />Kaldor, N. 1962. “Comment,” <i>Review of Economic Studies</i> 29.3: 246–250.<br /><br />Kaldor, Nicholas and James A. Mirrlees. 1962. “A New Model of Economic Growth,” <i>The Review of Economic Studies</i> 29.3: 174–192.<br /><br />Kaldor, N. 1963. “Will underdeveloped Countries learn to Tax?,” Foreign Affairs 41.2: 410–419. K<br /><br />Kaldor, N. 1964. “The Role of Taxation in Economic Development,” in N. Kaldor, <i>Essays on Economic Policy. Volume 1</i>. Duckworth, London. 225–254. <br /><br />Kaldor, N. 1964. “International Trade and Economic Development,” <i>Journal of Modern African Studies</i> 2.4: 491–511. <br /><br />Hart, A. G., Nicholas Kaldor, and Jan Tinbergen. 1964. “The Case for an International Commodity Reserve Currency,” in Nicholas Kaldor (ed.), <i>Essays on Economic Policy</i> (vol. 2). Norton, New York. 131–177.<br /><br />Kaldor, N. 1964. “Panel Discussion,” in W. Baer and I. Kerstenetsky (eds.), <i>Inflation and Growth in Latin America</i>, Irwin, Homewood, Il. 465–469, 485–487, 499–500.<br /><br />Kaldor, N. 1964. “A Positive Policy for Wages and Dividends,” in N. Kaldor, <i>Essays on Economic Policy. Volume 1</i>. Duckworth, London. 111–127.<br /><br />Kaldor, N. 1964. “Prospects of a Wages Policy for Australia,” <i>Economic Record</i> 40.90: 145–155. <br /><br />Kaldor, N. 1964. “A Memorandum on the Value-Added Tax,” in N. Kaldor, <i>Essays on Economic Policy. Volume I</i>. Duckworth, London. 266–293.<br /><br />Kaldor, Ν. 1964. “Economic Problems of Chile,” in N. Kaldor, <i>Essays on Economic Policy. Volume II</i>. Duckworth, London. 233–287.<br /><br />Kaldor, N. 1964. “Dual Exchange Rates and Economic Development,” <i>Economic Bulletin for Latin America</i> 9.2: 214–223. [reprinted in Kaldor 1964] <br /><br />Kaldor, N. 1966. “Distribution, theory of,” <i>Chambers’s Encyclopaedia</i> (rev. edn.). Pergamon Press, Oxford. 557–561. <br /><br />Kaldor, Ν. 1966. “Marginal Productivity and Macroeconomic Theories of Distribution: Comment on Samuelson and Modigliani,” <i>Review of Economic Studies</i> 33.4: 309–319. [reprinted in G. C. Harcourt and N. F. Laing. <i>Capital and Growth</i>. Penguin, Harmondsworth]<br /><br />Kaldor, N. 1967. “Taxation in Developing States,” in D. Krivine (ed.), <i>Fiscal and Monetary Problems in Developing States</i>. Praeger, New York. 209–219. <br /><br />Kaldor, Nicholas, 1968. “Productivity and Growth in Manufacturing Industry: A Reply,” <i>Economica</i> 35.140: 385–391.<br /><br />Kaldor, N. 1969. “The Choice of Technology in Less Developed Countries,” <i>Monthly Labor Review</i> 92.8: 50–53. <br /><br />Kaldor, N. 1970. “The New Monetarism,” <i>Lloyds Bank Review</i> 97: 1–18. [reprinted in Kaldor 1978: 1–21]<br /><br />Kaldor, N. 1970. “The Case for Regional Policies,” <i>Scottish Journal of Political Economy</i> 17.3: 337–348.<br /><br />Kaldor, Nicholas. 1972. “The Irrelevance of Equilibrium Economics,” <i>Economic Journal</i> 82: 1237–1252.<br /><br />Kaldor, Nicholas. 1975. “What is Wrong with Economic Theory,” <i>Quarterly Journal of Economics</i> 89.3: 347–357. [reprinted in Kaldor 1978: 202–213].<br /><br />Kaldor, Nicholas. 1975. “Economic Growth and the Verdoorn Law: A Comment on Mr Rowthorn’s Article,” <i>Economic Journal</i> 85.340: 891–896.<br /><br />Kaldor, N. 1976. “Inflation and Recession in the World Economy,” <i>Economic Journal</i> 86: 703–714.<br /><br />Kaldor, N. 1977. “Capitalism and Industrial Development: Some Lessons from Britain’s Experience,” <i>Cambridge Journal of Economics</i> 1.2: 193–204.<br /><br />Kaldor, Nicholas. 1978. “The Nemesis of Free Trade,” in N. Kaldor, <i>Further Essays on Applied Economics</i>. Duckworth, London. 234–241.<br /><br />Kaldor, N. 1978. “The Role of Industrialisation in Latin American Inflations,” in N. Kaldor (ed.), <i>Further Essays on Applied Economics</i> (Collected Economic Essays volume 6). Duckworth, London. 119–137.<br /><br />Kaldor, N. 1978. “The Effect of Devaluations on Trade in Manufactures,” in N. Kaldor (ed.), <i>Further Essays on Applied Economics</i> (Collected Economic Essays volume 6). Duckworth, London. 99–118.<br /><br />Kaldor, Nicholas. 1978. “The Causes of the Slow Rate of Economic Growth of the United Kingdom,” in N. Kaldor, <i>Further Essays on Economic Theory</i> (Collected Economic Essays volume 5). Duckworth, London. 100–138.<br /><br />Kaldor, N. 1980. “General Introduction,” in <i>Collected Economic Essays</i> (vol. 1). Duckworth, London.<br /><br />Kaldor, Ν. 1980. “Public or Private Enterprise: The Issues to be Considered,” in W. J. Baumol (ed.), <i>Public and Private Enterprise in a Mixed Economy: Proceedings of a Conference Held by the International Economic Association in Mexico City</i>, Macmillan, London. 1–14.<br /><br />Kaldor, Nicholas. 1980. “The Foundations of Free Trade Theory and their Implications for the Current World Recession,” in E. Malinvaud and J. P. Fitoussi (eds.), <i>Unemployment in Western Countries</i>. MacMillan Press, London. 85–100.<br /><br />Kaldor, Ν. 1980. “Alternative Theories of Value and Distribution,” in N. Kaldor, <i>Essays on Value and Distribution</i> (2nd edn). Duckworth, London. 209–236.<br /><br />Kaldor, Ν. 1980. “The Controversy on the Theory of Capital,” in N. Kaldor, <i>Essays on Value and Distribution</i> (2nd edn). Duckworth, London. 153–205.<br /><br />Kaldor, N. 1981. <i>Origins of the New Monetarism</i>. University College Cardiff Press, Cardiff. [reprinted in Kaldor 1989: 160–177]<br /><br />Kaldor, Nicholas. 1981. “The Role of Increasing Returns, Technical Progress and Cumulative Causation in the Theory of International Trade and Economic Growth,” <i>Économie Appliquée</i> 34.4: 593–617. [reprinted in Targetti and Thirlwall 1989]<br /><br />Kaldor, N. 1981. “Fallacies on Monetarism,” <i>Kredit and Kapital</i> 4: 451–462.<br /><br />Kaldor, N. and J. Trevithick. 1981. “A Keynesian Perspective on Money,” <i>Lloyds Bank Review</i> 139: 1–19.<br /><br />Kaldor, N. 1982. “Limitations of the ‘General Theory,’” <i>Proceedings of the British Academy</i> 68: 259–273. [reprinted in Kaldor 1989: 74–89]<br /><br />Kaldor, N. 1982. “Keynes as an Economic Adviser,” in A. P. Thirlwall (ed.), <i>Keynes as a Policy Adviser</i>. Macmillan, London. 2–33.<br /><br />Kaldor, Nicholas. 1982. “The Radcliffe Report and Monetary Policy,” in N. Kaldor, <i>The Scourge of Monetarism</i>. Oxford University Press, Oxford and New York. 2–36.<br /><br />Kaldor, N. 1983. “Keynesian Economics after Fifty Years,” in D. Worswick and J. Trevithick (eds.), <i>Keynes and the Modern World</i>. Cambridge University Press, Cambridge. 1–28.<br /><br />Kaldor, N. 1983. “The Role of Commodity Prices in Economic Recovery,” <i>Lloyds Bank Review</i> 149: 21–33.<br /><br />Kaldor, N. 1985. “How Monetarism Failed,” <i>Challenge</i> 28.2: 4–13.<br /><br />Kaldor, N. 1985. “Piero Sraffa 1898–1983,” <i>Proceedings of the British Academy</i> 71: 615–640.<br /><br />Kaldor, Ν. 1986. “Recollections of an Economist,” <i>Banca Nazionale del Lavoro Quarterly Review</i> 156: 3–26 [reprinted in Kaldor 1989: 13–37]<br /><br />Kaldor, N. 1986. “The Role of Effective Demand in the Short and in the Long Run,” in A. Barrere (ed.), <i>Keynes Today: Theories and Policies</i>. Macmillan, London. [reprinted in Kaldor 1989: 90–99]<br /><br />Kaldor, N. 1986. “Limits on Growth,” <i>Oxford Economic Papers</i> 38.2: 187–198.<br /><br />Kaldor, N. 1989. “The Role of Commodity Prices in Economic Recovery,” in N. Kaldor, <i>Further Essays on Economic Theory and Policy</i> (ed. by F. Targetti and Α. P. Thirlwall). Duckworth, London. 235–250.<br /><br /><a name="Mitchell Innes"><b>(18) Alfred Mitchell Innes and the Credit Theory of Money</b></a><br />Mitchell Innes, A. 1913. “What is Money?,” <i>Banking Law Journal</i> 30.5: 377–408. (reprinted in L. R. Wray (ed.). 2004. <i>Credit and State Theories of Money: The Contributions of A. Mitchell Innes</i>. Edward Elgar, Cheltenham. 14–49).<br /><br />Mitchell Innes, A. 1914. “The Credit Theory of Money,” <i>Banking Law Journal</i> 31.2: 151–168 (reprinted in L. R. Wray (ed.). 2004. <i>Credit and State Theories of Money: The Contributions of A. Mitchell Innes</i>. Edward Elgar, Cheltenham. 50–78).<br /><br />Wray, L. R. (ed.), <i>Credit and State Theories of Money: The Contributions of A. Mitchell Innes</i>. Edward Elgar, Cheltenham, UK. <br /><br /><a name="Paul Davidson"><b>(19) On the Work of Paul Davidson</b></a><br />Davidson, Paul. 1972. <i>Money and the Real World</i>. Macmillan, London.<br /><br />Davidson, Paul and Sidney Weintraub. 1973. “Money as Cause and Effect,” <i>The Economic Journal</i> 83.332: 1117–1132. <br /><br />Davidson, Paul. 1978. “Why Money Matters: Lessons from a Half-Century of Monetary Theory,” <i>Journal of Post Keynesian Economics</i> 1.1: 46–70.<br /><br />Davidson, Paul. 1978. <i>Money and the Real World</i> (2nd edn.). Macmillan, London.<br /><br />Davidson, Paul. 1980. “The Dual-Faceted Nature of the Keynesian Revolution: Money and Money Wages in Unemployment and Production Flow Prices,” <i>Journal of Post Keynesian Economics</i> 2.3: 291–307.<br /><br />Davidson, Paul. 1982–1983. “Rational Expectations: A Fallacious Foundation for Studying Crucial Decision Making Processes,” <i>Journal of Post Keynesian Economics</i> 5.2: 182–198.<br /><br />Davidson, Paul. 1983. “The Marginal Product Curve is not the Demand Curve for Labor and Lucas’s Labor Supply Function is not the Supply Curve for Labor in the Real World,” <i>Journal of Post Keynesian Economics</i> 6.1: 105–117.<br /><br />Davidson, Paul. 1984. “Reviving Keynes’s Revolution,” <i>Journal of Post Keynesian Economics</i> 6.4: 561–575.<br /><br />Davidson, Paul. 1985. “Sidney Weintraub: An Economist of the Real World,” <i>Journal of Post Keynesian Economics</i> 7.4: 533–539.<br /><br />Davidson, Paul. 1985. “Can Effective Demand and the Movement toward Further Income Equality be maintained in the Face of Robotics? An Introduction,” <i>Journal of Post Keynesian Economics</i> 7.3: 422–425.<br /><br />Davidson, Paul. 1985. “Liquidity and not increasing Returns is the Ultimate Source of Unemployment Equilibrium,” <i>Journal of Post Keynesian Economics</i> 7.3: 373–384.<br /><br />Davidson, Paul. 1986. “Finance, Funding, Saving, and Investment,” <i>Journal of Post Keynesian Economics</i> 9.1: 101–110.<br /><br />Davidson, Paul. 1986–1987. “The Simple Macroeconomics of a Nonergodic Monetary Economy versus a Share Economy: Is Weitzman's Macroeconomics too Simple?,” <i>Journal of Post Keynesian Economics</i> 9.2: 212–225.<br /><br />Davidson, Paul. 1987–1988. “A Modest Set of Proposals for Resolving the International Debt Problem,” <i>Journal of Post Keynesian Economics</i> 10.2: 323–338.<br /><br />Davidson, Paul. 1987. “Sensible Expectations and the Long-Run Non-Neutrality of Money,” <i>Journal of Post Keynesian Economics</i> 10.1: 146–153.<br /><br />Davidson, Paul. 1988. “A Technical Definition of Uncertainty and the Long Run Non-Neutrality of Money,” <i>Cambridge Journal of Economics</i> 12: 329–337.<br /><br />Davidson, Paul. 1989. “The Economics of Ignorance or Ignorance of Economics?,” <i>Critical Review</i> 3.3/4: 467–487.<br /><br />Davidson, Paul. 1990. <i>The Collected Writings of Paul Davidson. Vol. 1. Money and Employment</i> (ed. Louise Davidson). Macmillan, London.<br /><br />Davidson, Paul. 1990–1991. “A Post Keynesian Positive Contribution to ‘Theory,’” <i>Journal of Post Keynesian Economics</i> 13.2: 298–303.<br /><br />Davidson, Paul. 1991. “Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective,” <i>Journal of Economic Perspectives</i> 5.1: 129–143.<br /><br />Davidson, Paul. 1992. “Would Keynes be a New Keynesian?,” <i>Eastern Economic Journal</i> 18.4: 449–463.<br /><br />Davidson, Paul. 1992–1993. “Reforming the World’s Money,” <i>Journal of Post Keynesian Economics</i> 15.2: 153–179.<br /><br />Davidson, Paul. 1993. “The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics,” <i>Journal of Post Keynesian Economics</i> 15.3: 309–322.<br /><br />Davidson, Paul. (ed.). 1993. <i>Can the Free Market Pick Winners?: What Determines Investment</i>. M.E. Sharpe, Armonk, N.Y.<br /><br />Davidson, Paul. 1993. “Austrians and Post Keynesians on Economic Reality: Rejoinder to Critics,” <i>Critical Review</i> 7.2/3: 423–444.<br /><br />Davidson, Paul. 1994. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i>. Edward Elgar Publishing, Aldershot.<br /><br />Davidson, Paul. 1996. “Reality and Economic Theory,” <i>Journal of Post Keynesian Economics</i> 18.4: 479–508.<br /><br />Davidson, Paul. 1996. “What Revolution? The Legacy of Keynes,” <i>Journal of Post Keynesian Economics</i> 19.1: 47–60.<br /><br />Davidson, Paul. 1997. “Are Grains of Sand in the Wheels of International Finance Sufficient to do the job when Boulders are often Required?,” <i>The Economic Journal</i> 107.442: 672–686.<br /><br />Davidson, Paul. 1999. “Keynes’ Principle of Effective Demand versus the Bedlam of the New Keynesians,” <i>Journal of Post Keynesian Economics</i> 21.4: 571–588.<br /><br />Davidson, Paul. 1999. <i>The Collected Writings of Paul Davidson. Vol. 3. Uncertainty, International Money, Employment and Theory</i> (ed. Louise Davidson). Macmillan, London. <br /><br />Davidson, Paul. 1999–2000. “Capital Movements, Tobin Tax, and Permanent Fire Prevention: A Response to De Angelis,” <i>Journal of Post Keynesian Economics</i> 22.2: 197–206.<br /><br />Davidson, Paul. 2000. “There are Major Differences between Kalecki’s Theory of Employment and Keynes’s General Theory of Employment Interest and Money,” <i>Journal of Post Keynesian Economics</i> 23.1: 3–25.<br /><br />Davidson, Paul. 2001. “The Principle of Effective Demand: Another View,” <i>Journal of Post Keynesian Economics</i> 23.3: 391–409.<br /><br />Davidson, Paul. 2002. “Globalization,” <i>Journal of Post Keynesian Economics</i> 24.3: 475–492.<br /><br />Davidson, Paul. 2002. <i>Financial Markets, Money, and the Real World</i>. Edward Elgar, Cheltenham, UK.<br /><br />Davidson, Paul. 2002. “Keynes versus Kalecki: Responses to López and Kriesler,” <i>Journal of Post Keynesian Economics</i> 24.4: 631–641.<br /><br />Davidson, Paul (ed.). 2002. <i>A Post Keynesian Perspective on Twenty-First Century Economic Problems</i>. Edward Elgar, Cheltenham.<br /><br />Davidson, Paul. 2003. “Is ‘Mathematical Science’ An Oxymoron when used to describe Economics? Is ‘Mathematical Science’ an Oxymoron when used to Describe Economics?,” <i>Journal of Post Keynesian Economics</i> 25.4: 527–545.<br /><br />Davidson, Paul. 2003–2004. “Setting the Record Straight on ‘A History of Post Keynesian Economics,’” <i>Journal of Post Keynesian Economics</i> 26.2 245–272.<br /><br />Davidson, Paul. 2004. “Uncertainty and Monetary Policy,” in P. Mooslechner, H. Schuberth, M. Schürz (eds), <i>Economic Policy under Uncertainty: The Role of Truth and Accountability in Policy Advice</i>. Edward Elgar, Cheltenham, UK and Northampton, MA.<br /><br />Davidson, Paul. 2004. “The Future of the International Financial System,” <i>Journal of Post Keynesian Economics</i> 26.4: 591–605.<br /><br />Davidson, Paul. 2004–2005. “A Post Keynesian View of the Washington Consensus and How to improve it,” <i>Journal of Post Keynesian Economics</i> 27.2: 207–230.<br /><br />Davidson, Paul. 2005. “Galbraith and the Post Keynesians,” <i>Journal of Post Keynesian Economics</i> 28.1: 103–113.<br /><br />Davidson, Paul. 2005. “Galbraith and the Post Keynesians,” <i>Journal of Post Keynesian Economics</i> 28.1: 103–113.<br /><br />Davidson, Paul. 2005. “Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian,” <i>Journal of Post Keynesian Economics</i> 27.3: 393–408.<br /><br />Davidson, Paul. 2006. “The Declining Dollar, Global Economic Growth, and Macro Stability,” <i>Journal of Post Keynesian Economics</i> 28.3: 473–493.<br /><br />Davidson, Paul. 2006. “Can, or Should, a Central Bank Inflation Target?,” <i>Journal of Post Keynesian Economics</i> 28.4: 689–703.<br /><br />Davidson, Paul. 2008. “Is the Current Financial Distress caused by the Subprime Mortgage Crisis a Minsky Moment? Or is it the Result of Attempting to securitize Illiquid Noncommercial Mortgage Loans?,” <i>Journal of Post Keynesian Economics</i> 30.4: 669–676.<br /><br />Davidson, Paul. 2008. “Crude Oil Prices: ‘Market Fundamentals’ or Speculation,” <i>Challenge</i> 51.4: 110–118. <br /><br />Davidson, Paul. 2009. <i>The Keynes Solution: The Path to Global Economic Prosperity</i> (1st edn). Palgrave Macmillan, New York and Basingstoke.<br /><br />Davidson, Paul. 2009. <i>John Maynard Keynes</i> (rev. edn.). Palgrave Macmillan, Basingstoke.<br /><br />Davidson, Paul. 2009. “Reforming the World’s International Money,” <br />http://www.i-r-e.org/fiche-analyse-183_en.html<br /><br />Davidson, Paul. 2008. “Reforming the World’s International Money,” <i>Real-World Economics Review</i> 48 (December 6): 293–305.<br /><br />Davidson, Paul. 2010. “Black Swans and Knight’s Epistemological Uncertainty: Are These Concepts also Underlying Behavioral and Post-Walrasian Theory?” <i>Journal of Post Keynesian Economics</i> 32.4: 567–570.<br /><br />Davidson, Paul. 2011. <i>Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century</i> (2nd edn). Edward Elgar Publishing, Cheltenham.<br /><br />Davidson, Paul. 2013. “Keynesian Foundations of Post-Keynesian Economics,” in G. C. Harcourt and Peter Kriesler (eds.), <i>The Oxford Handbook of Post-Keynesian Economics. Volume 1: Theory and Origins</i>. Oxford University Press, New York. 122–137.<br /><br />Davidson, Paul. 2013–2014. “Income Inequality and Hollowing out the Middle Class,” <i>Journal of Post Keynesian Economics</i> 36.2: 381–384.<br /><br />Davidson, Paul. 2015. <i>Post Keynesian Theory and Policy: A Realistic Analysis of the Market Oriented Capitalist Economy</i>. Edward Elgar Publishing, Cheltenham, UK.<br /><br />Davidson, Paul. 2015. “Is International Free Trade always Beneficial?,” in Paul Davidson, <i>Post Keynesian Theory and Policy: A Realistic Analysis of the Market Oriented Capitalist Economy</i>. Edward Elgar, Cheltenham, UK. 124–135.<br /><br />Davidson, Paul. 2015. “What was the Primary Factor encouraging Mainstream Economists to Marginalize Post Keynesian Theory?,” <i>Journal of Post Keynesian Economics</i> 37.3: 369–383.<br /><br /><b>Further Reading</b><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/09/a-bibliography-on-history-of-post.html">“A Bibliography on the History of Post Keynesian Economics (updated),” September 6, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2011/07/post-keynesian-textbooks.html">“Post Keynesian Textbooks,” July 5, 2011.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2011/07/bibliography-on-post-keynesian.html">“Bibliography on Post Keynesian Economics,” July 6, 2011.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2012/04/endogenous-money-bibliography.html">“Endogenous Money: A Bibliography,” April 5, 2012.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2013/09/bibliography-on-post-keynesian.html">“Bibliography on Post Keynesian Methodology,” September 16, 2013.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/07/bibliography-on-keyness-theory-of.html">“Bibliography on Keynes’s Theory of Probability (Updated),” July 6, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/05/bibliography-on-uncertainty-in-post.html">“Bibliography on Uncertainty in Post Keynesian Economics (Updated),” May 21, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2012/03/post-keynesian-economists-list.html">“Post Keynesian Economists: A List,” March 1, 2012.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/04/post-keynesian-economics-revised-diagram.html">“Post Keynesian Economics: A Revised Diagram,” April 15, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2014/04/a-third-revised-family-tree-of.html">“A Third Revised Family Tree of Heterodox Economics,” April 14, 2014.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2016/08/a-third-revised-diagram-of-economic.html">“A Third Revised Diagram of Economic Schools,” August 12, 2016.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2012/10/bibliography-on-debt-deflation.html">“Bibliography on Debt Deflation,” October 16, 2012.</a><br /><br /><a href="http://socialdemocracy21stcentury.blogspot.com/2012/01/bibliography-on-origins-of-money.html">“Bibliography on the Origins of Money,” January 19, 2012.</a>http://socialdemocracy21stcentury.blogspot.com/2017/12/bibliography-on-post-keynesian.htmlnoreply@blogger.com (LK)1tag:blogger.com,1999:blog-6245381193993153721.post-1164639131254439409Mon, 27 Nov 2017 12:32:00 +00002017-11-27T04:49:18.663-08:00The Sweden Democrats tell the Truth about SwedenThe Sweden Democrats tell the Truth about Sweden Turn the English subtitles on and see:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/n40tm2P374w" frameborder="0" allowfullscreen></iframe><br /><br />It is important to remember that it wasn’t old-fashioned Swedish <i>social democratic economic policies</i> that did this to Sweden.<br /><br />Instead, it was the insane Third World mass immigration policies that have imported over a million people into Sweden (whose current population is only about 9.85 million people) who will not assimilate, who create No Go Zones, who have higher per capita rates of crime, and who, if the immigration policies are continued, will drive the country into social and economic collapse, and then civil war, and perhaps even into outright fascism before the mid-21st century. <br /><br />And the same story is being played out all over the Western world too. Actual <i>relevant politics</i> in the Western world is now divided into:<blockquote><b>(1)</b> those who wish to end this insanity immediately, close the borders, and fix this disaster as humanely as possible, and<br /><br /><b>(2)</b> those sick, deranged human beings – on both the Left and Right – who want to accelerate the civilisational collapse and whose policies will (unknown to them) bring about the far right takeover they supposedly wish to stop.</BLOCKQUOTE>If actual fascism ever comes to Europe or America, it will be the multicultural Left and multicultural Right who will bear the primary moral responsibility for having brought it about, though their own incompetence, ignorance, stupidity, insanity and delusions.<br /><br /><br />http://socialdemocracy21stcentury.blogspot.com/2017/11/the-sweden-democrats-tell-truth-about.htmlnoreply@blogger.com (LK)6tag:blogger.com,1999:blog-6245381193993153721.post-8826478703029125183Sat, 18 Nov 2017 11:14:00 +00002017-11-18T22:29:06.743-08:00How Leftists should Debate with Race RealistsStefan MolyneuxHow Leftists should Debate with Race RealistsIn light of this interview here of Stefan Molyneux by Dave Rubin:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/T0KKc6GbeNo" frameborder="0" allowfullscreen></iframe><br /><br />Why is it that the Left is so pathetic and useless that there is virtually nobody who could argue seriously with Stefan Molyneux on this issue?<br /><br />First of all, if you are a Leftist and you seriously wanted to debate a race realist, you will never get anywhere by denying these propositions, which are certainly supported by overwhelming evidence from modern science:<blockquote><b>(1)</b> human beings have lived in different environments and been subject to different Darwinian evolution and selective pressures over at least the past 40,000 years;<br /><br /><b>(2)</b> because of (1), evolution has produced human beings who have a common descent in different regions with distinctive gene allele frequencies which in turn cause distinctive phenotypic traits like skin colour, bodily traits, facial features, immune systems, frequency of common blood types, etc.<br /><br /><b>(3)</b> there is very good evidence that human general intelligence (as measured in proper, culturally-neutral IQ tests) is largely genetic. The best estimate of the heritability of adult IQ is somewhere between 70–85%. Very good evidence for this comes from twin studies (especially genetic twins adopted and separated at birth) and adoption studies (Plomin and Petrill 1997; Bouchard 2009 and 1998), and increasingly genetic science. The particularly strong evidence is that siblings (either fraternal or genetic) adopted at birth or infancy will have IQs strongly correlated with their biological parents, while a correlation with their adopted parents is either very low or almost zero (Petrill and Deater-Deckard 2004; Hunt 2011: 230–231; Haier 2017: 47). <br /><br />And even the liberal American Psychological Association (APA) admitted years ago that the heritability of adult IQ is about 0.75 (see Neisser et al. 1996: 96), and the democratic socialist James R. Flynn (after whom the “Flynn Effect” is named) – the leading environmentalist on gaps in IQ between population groups – himself accepts that current evidence shows that the heritability of IQ in adults is probably about 0.75 (Dickens and Flynn 2001: 346; and for a recent review of the overwhelming evidence, see Haier 2017).<br /><br /><b>(4)</b> the average IQs of different human population groups as defined in (1) and (2) above appear to be different as measured by modern psychometrics. You can see the data as organised by region and by nation <a href="https://iq-research.info/en/page/average-iq-by-country">here</a>.</BLOCKQUOTE>As I said above, accepting the truth of these propositions is the starting point and foundation of any serious debate about race realism.<br /><br />The fundamental question in professional academic debates about race realism is this: <i>what causes the differences in average IQs between population groups?</i> In order to seriously debate this topic, you need to acknowledge that the differences in average IQ do actually exist, but most Leftists/Liberals will vehemently refuse to acknowledge even this.<br /><br />We know the differences exist. In academic debates about average IQ differences, there are two explanations of the evidence:<blockquote><b>(1) The environmentalist explanation</b><br />The <i>environmentalist explanation</i> holds that the differences in average IQs between population groups is entirely or largely environmental. The most well-known and respected environmentalist is <a href="https://en.wikipedia.org/wiki/James_Flynn_(academic)"> James R. Flynn</a>, who is a democratic socialist. <br /><br /><b>(2) The genetic/hereditarian explanation</b><br />The genetic/hereditarian explanation holds that the gaps in average IQs between population groups are largely or (less probably) entirely genetic and caused by differing evolutionary histories. However, most hereditarians today probably accept that it is both genetic and environmental, but with the genetic factor being the major cause.</BLOCKQUOTE>So if any Leftist/Liberal really wanted to engage with the Alt Right or libertarians like Stefan Molyneux on race realism, they would – at the very least – have to be extremely familiar with the work of James R. Flynn, and, in particular, the following works:<blockquote>Flynn, James R. 2008. <i>Where Have All the Liberals Gone?: Race, Class, and Ideals in America</i>. Cambridge University Press, Cambridge and New York.<br /><br />Flynn, James R. 2009. <i>What Is Intelligence: Beyond the Flynn Effect</i> (expanded edn.). Cambridge University Press, Cambridge.<br /><br />Flynn, J. 2008. “A Tough Call,” <i>New Scientist</i> 199.2672: 48–50.<br />http://www.cambridgeblog.org/2008/09/james-flynn-in-the-new-scientist/<br /><br />Flynn J. R. 2009. “Requiem for Nutrition as the Cause of IQ Gains: Raven’s Gains in Britain 1838–2008,” <i>Economics and Human Biology</i> 7: 18–27.<br /><br />Flynn, J. R. 2010. “The Spectacles through which I see the Race and IQ Debate,” <i>Intelligence</i> 38: 363–366.<br /><br />Flynn, James R. 2012. <i>Are We Getting Smarter?: Rising IQ in the Twenty-First Century</i>. Cambridge University Press, Cambridge and New York.<br /><br />Flynn, James Robert. 2012. <i>How to Improve your Mind: Twenty Keys to Unlock the Modern World</i>. Wiley-Blackwell, Malden, MA.<br /><br />Flynn, James R. 2013. <i>Intelligence and Human Progress: The Story of What was Hidden in our Genes</i>. Elsevier Inc. Oxford, UK and Waltham, MA.<br /><br />Flynn, James R. 2016. <i>Does your Family make you Smarter?: Nature, Nurture, and Human Autonomy</i>. Cambridge University Press, Cambridge.</BLOCKQUOTE>But, unfortunately, you will struggle to find anybody who demonstrates even basic familiarity with these works, or Flynn’s arguments, or even the basic issues (and waving the phrase “Flynn effect” in people’s faces does not per se refute the race realists either, because it is entirely possible that the Flynn effect is real and that race realism could be real as well).<br /><br />Why is this? The reason is straightforward: in order to even seriously debate this issue, you have to acknowledge the truth of the four propositions I listed above, but the modern Left has become so insanely politically correct, so intellectually bankrupt, and so extreme in its science denial and fanaticism that it cannot even acknowledge the truth of those propositions. Anybody who does will immediately be smeared and slandered and, if they are well known enough (say, like academics without tenure), probably subject to persecution, and professional ruin. I imagine that these days even the democratic socialist James R. Flynn would probably be hounded and defamed for even defending the traditional environmentalist explanation of racial IQ differences, because that explanation explicitly admits that the average IQ differences do exist and that IQ is real.<br /><br />So how does James R. Flynn explain average IQ differences? In the context of America, Flynn has studied the difference between the average adult IQ of African Americans (which stands at about 85) and the average adult IQ of white Americans (which stands at 100). In brief, a lifetime of research by Flynn suggests to him that the environment in which African American children and teenagers are raised in is, generally, less cognitively-demanding than other groups, more prone to families with single mothers, and also affected by the influence of anti-intellectual and anti-social black teenage subculture and behaviour (Flynn 2008; you can read Flynn’s article <a href="http://www.cambridgeblog.org/2008/09/james-flynn-in-the-new-scientist/">here</a>). A combination of these factors, Flynn argues, causes the lower average adult IQ of African Americans (Flynn 2008).<br /><br />You can listen here to Flynn himself discuss some of these issues in an interview with Molyneux: <br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/rJ0W5Efp8N0" frameborder="0" allowfullscreen></iframe><br /><br />To stress my point above: if a Liberal/Leftist really wanted to seriously argue with Molyneux, then he would use the arguments of Flynn as I have sketched them. <br /><br />But note carefully: Flynn’s environmentalist explanation here is itself likely to be condemned as “racist” by the modern politically correct Left, and probably most Leftists are so ignorant and stupid about the subject and the necessary background knowledge they wouldn’t be capable of properly explaining it as a counterargument against race realism anyway.<br /><br />Like so many other issues, the modern Left is intellectually and morally bankrupt on this issue.<br /><br />Moreover, the modern Left has no solution if real realism were true, and is so incompetent and stupid they leave all serious political discussion of the consequences of race realism to the Alt Right or crackpot libertarians like Stefan Molyneux. <br /><br />In reality, however, if race realism were true, the Left can easily provide a humane and compassionate response to this truth, as follows.<br /><br /><b>What is the Humane Democratic Socialist/Progressive Liberal Response to Race Realism, if it were True?</b><br />If race realism were true, the policy consequences proposed by the Alt Right or libertarians do not necessarily follow, and certainly the economic policies proposed by crackpot libertarians do not follow.<br /><br />The answer to serious genetic differences in turn causing deleterious phenotypic differences between races is advanced reproductive technology and genetic engineering of the type described <a href="http://www.vox.com/2016/9/16/12931962/future-sex-reproductive-technology-ethics-ivf">here.</a><br /><br />In short, the humane and compassionate Democratic Socialist answer is providing the kind of safe, regulated reproductive technologies described in the link above to all people free of charge as a social service (perhaps even with subsidies to encourage people to use it), and, above all, to people at risk of having children disadvantaged by the accident of genetics, so that average IQ gaps – and other deleterious traits like high propensity to aggression or low impulse control – between groups can be eliminated over time.<br /><br />This does <i>not</i> mean that our societies will be engaged in some kind of endless, mad genetic engineering to create “superhumans” or any such thing. Rather, it would be a Social Democratic society that allows parents to have children who are not disadvantaged by genetic diseases, serious predisposition to diseases or mental disorders, handicaps, or lower than average IQ, in a system where all such reproductive technologies are intensely regulated and subject to severe ethical and social scrutiny.<br /><br />In the long run, any such serious group differences in IQ, in either developed nations or the Third World, can be fixed by universal health care systems that include free access to severely regulated reproductive technologies to fix this problem. In time, it is likely that the average IQ of the whole species would also rise.<br /><br />However, none of this means that the West should continue to support open borders, unending Third World mass immigration, or multiculturalism because these policies are extremely harmful on economic, social and cultural grounds, even if race realism were false.<br /><br />Instead, the advanced and rich First World should provide technologies to the Third World and encourage their use there, to solve the problems caused by divergent Darwinian evolution.<br /><br /><b>Conclusion</b><br />However, the modern Left will probably be incapable of any serious or effective response to race realists, except for more defamation, ignorance, hysteria, and just active persecution of anybody pointing out the truths I listed above from (1) to (4). As in so many other areas, the modern Left is intellectually bankrupt and will be humiliated and defeated, because it now is – in its own way – almost as anti-science as any fanatical religious fundamentalism.<br /><br /><b>BIBLIOGRAPHY</b><br />Bouchard, T. J. 1998. “Genetic and Environmental Influences on Adult Intelligence and Special Mental Abilities,” <i>Human Biology</i> 70: 257–279.<br /><br />Bouchard, T. J. 2009. “Genetic Influence on Human Intelligence (Spearman’s g): How Much?,” <i>Annals of Human Biology</i> 36: 527–544.<br /><br />Dickens, William T. and James R. Flynn. 2001. “Heritability Estimates Versus Large Environmental Effects: The IQ Paradox Resolved,” <i>Psychological Review</i> 108.2: 346–369.<br /><br />Flynn, J. 2008. “A Tough Call,” <i>New Scientist</i> 199.2672: 48–50.<br />http://www.cambridgeblog.org/2008/09/james-flynn-in-the-new-scientist/<br /><br />Haier, Richard J. 2017. <i>The Neuroscience of Intelligence</i>. Cambridge University Press, New York, NY.<br /><br />Hunt, E. B. 2011. <i>Human Intelligence</i>. Cambridge University Press, Cambridge.<br /><br />Neisser, Ulric, Boodoo, Gwyneth, Bouchard Jr., Thomas J., Boykin, A. Wade, Brody, Nathan, Ceci, Stephen J., Halpern, Diane F., Loehlin, John C., Perloff, Robert, Sternberg, Robert J., and Susana Urbina. 1996. “Intelligence: Knowns and Unknowns,” <i>American Psychologist</i> 51.2: 77–101. <br /><br />Petrill, S. A. and K. Deater-Deckard. 2004. “The Heritability of General Cognitive Ability: A Within-Family Adoption Design,” <i>Intelligence</i> 32: 403–409.<br /><br />Plomin, R. and S. A. Petrill. 1997. “Genetics and Intelligence: What’s New?,” <i>Intelligence</i> 24: 53–77.http://socialdemocracy21stcentury.blogspot.com/2017/11/how-leftists-should-debate-with-race.htmlnoreply@blogger.com (LK)12tag:blogger.com,1999:blog-6245381193993153721.post-6394086856004713258Tue, 07 Nov 2017 13:03:00 +00002017-11-07T05:25:39.574-08:00Sargon on the “It’s OK to be White” Meme ControversySargon on the “It’s OK to be White” Meme ControversyRequired viewing:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/BAPJwSzjBWw" frameborder="0" gesture="media" allowfullscreen></iframe><br /><br />Sargon, more or less, is correct (though I have no time for his ultra-individualist “Classical Liberalism” or his shilling for Hayek).<br /><br />There ought, in principle, to be nothing controversial about a simple message “It’s OK to be White,” but the whole essence of the modern Left is hatred of Western civilisation and anti-white racial hatred.<br /><br />Take one example. You don’t think much of our culture is polluted by anti-white racial hatred? <br /><br />Explain to me how this gentleman called <a href="http://www.breitbart.com/london/2017/08/12/national-gallery-commissions-anti-white-video-with-public-money/">Alloysious Massaquoi gets tax-payer money from the long-suffering people of Britain to produce this so-called “art,” filmed in the Scottish National Portrait Gallery:</a><br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/XkSSj5HcCV0" frameborder="0" allowfullscreen></iframe><br /><br />If this isn’t murderous racial hatred, then nothing is. If you want to know who bears massive responsibility for the rise of white identitarian movements and white nationalism in the Western world, then look no further than the modern Left – or what passes for the “Left.” In reality, what passes for the “Left” is a truly grotesque parody, and I won’t doubt that most pre-1960s or early 20th century (non-Marxist) Old Leftists or Old Liberals would have been horrified by this disgusting freak show.<br /><br />But the anti-white Cultural Left just can’t help themselves, and they are driving the Left to total collapse.http://socialdemocracy21stcentury.blogspot.com/2017/11/sargon-on-its-ok-to-be-white-meme.htmlnoreply@blogger.com (LK)5tag:blogger.com,1999:blog-6245381193993153721.post-7698235798097349294Sun, 05 Nov 2017 07:45:00 +00002017-11-05T04:20:26.943-08:00The Cult of Diversity LieThe Cult of Diversity LieTucker Carlson is entirely correct:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/6AMbWUjavh0" frameborder="0" allowfullscreen></iframe><br /><br />“Diversity is our strength” is an Orwellian lie, and any rational, sane person, even a left-wing person, should be capable of seeing it at this point.<br /><br />The evidence that diversity is catastrophic has been available for a long time, and some of the best research comes from <a href="https://socialdemocracy21stcentury.blogspot.com/2016/09/robert-putnam-on-negative-effects-of.html">the work of Robert Putnam.</a> Notably, Putnam is a multiculturalist liberal, and he was so shocked by his research findings he delayed publishing them for years on end.<br /><br />See also the following studies here:<blockquote><b>(1)</b> Wickes, Rebecca, Zahnow, Renee, White, Gentry and Lorraine Mazerolle. 2014. “Ethnic Diversity and its Impact on Community Social Cohesion and Neighborly Exchange,” <i>Journal of Urban Affairs</i> 36.1: 51–78.<br /><br /><b>(2)</b> Sturgis, Patrick, Brunton-Smith, Ian, Kuha, Jouni and Jonathan Jackson. 2014. “Ethnic Diversity, Segregation and the Social Cohesion of Neighbourhoods in London,” <i>Ethnic and Racial Studies</i> 37.8: 1286–1309.</BLOCKQUOTE>Wickes et al. (2014) seems generally to confirm Putnam.<br /><br />Sturgis et al. (2014) has curious findings that seem to indicate that positive attitudes to diversity decrease with a person’s age, and ethnic self-segregation <i>actually makes separate communities more cohesive</i>, which utterly refutes the Cult of Diversity belief that mixing up people of different racial, ethnic and religious backgrounds makes them happier or their communities more successful.http://socialdemocracy21stcentury.blogspot.com/2017/11/the-cult-of-diversity-lie.htmlnoreply@blogger.com (LK)3tag:blogger.com,1999:blog-6245381193993153721.post-8258902935482779014Tue, 17 Oct 2017 11:51:00 +00002017-10-17T04:52:50.662-07:00Steve Keen on Austrian EconomicsSteve Keen on Austrian EconomicsSteve Keen discusses the economics of the Austrian school in this critique:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/gNRt53r0oNk" frameborder="0" allowfullscreen></iframe><br /><br />For a full list of my posts refuting Austrian economics, see here:<blockquote><a href="https://socialdemocracy21stcentury.blogspot.com/p/blog-page.html">Debunking Austrian Economics 101 (Updated)</a></BLOCKQUOTE>http://socialdemocracy21stcentury.blogspot.com/2017/10/steve-keen-on-austrian-economics.htmlnoreply@blogger.com (LK)0tag:blogger.com,1999:blog-6245381193993153721.post-3745246556361945162Tue, 10 Oct 2017 16:15:00 +00002017-10-10T09:15:02.747-07:00AmerindiansColumbus DayEuropean conquest of the Americasgenocideimmune systemsOld World diseasesOn Columbus Day, Remember…… that most Amerindians died from Old World diseases to which they had little or no natural immunity, <i>not</i> because of some deliberate, pre-planned genocide by Europeans.<br /><br />The dying out of millions of Amerindians was a horrible and terrible event to be sure, but the Left’s narrative on this is full of lies and fraud.<br /><br />I repeat here some excellent analysis of why and how so many Amerindians died after the European discovery of the Americas.<br /> <br />We know that the Native Americans faced a severe group disadvantage caused by differential evolution: namely, their inability to resist or have immunity to new diseases brought by Europeans like smallpox (Cochran and Harpending 2009: 158–159). The HLA gene alleles, in various forms, protect human beings against infectious disease by regulating the nature and strength of the immune system. <br /><br />But the Amerindians had an unusual distribution of HLA alleles – evolved from their distinct evolutionary history in the Americas – and a much weaker immune system, because they were simply not exposed to the same type and variety of pathogens as the farming peoples of the Old World (Cochran and Harpending 2009: 160–161, citing Cavalli-Sforza and Paolo Menozzi 1994). But the weaker immune systems of Amerindians had an advantage in their distinctive environment: they were much less subject to autoimmune diseases than other peoples with stronger immune systems (Cochran and Harpending 2009: 161).<br /><br />But when Europeans brought infectious diseases such as measles, smallpox, diphtheria, whooping cough, leprosy, and bubonic plague, the consequences for Amerindians were horrific: there is some evidence that the Amerindian population of the New World suffered a stunning 90% fall in just a few centuries – and most of the deaths were caused by exposure to these diseases introduced by Europeans which Amerindians could not resist because of their different evolutionary history (Cochran and Harpending 2009: 162, citing Cook 1998). For instance, while only about 30% of Europeans might die in smallpox epidemics, a shocking 90% of Amerindians would die from the disease (Cochran and Harpending 2009: 167). This terrible series of plagues obviously aided the European conquest of the Americas, and even with superior European technology, was a factor in the success of the Conquistadors.<br /><br />For example, the conquest of the Incan Empire by Francisco Pizarro was facilitated by a smallpox epidemic (Cochran and Harpending 2009: 163).<br /><br />Even Jared Diamond, an academic beloved by the Left, admits these facts:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/Dt5g-1DtVL0" frameborder="0" allowfullscreen></iframe><br /><br />As late as the 20th century, isolated populations of Amerindians have suffered the same fate: in instances where first contacts occurred between Amerindians and European-descended people in the 20th century the same European diseases have killed 33–50% of the natives (Cochran and Harpending 2009: 167).<br /><br />The same kinds of biological differences caused terrible epidemics and mass deaths of Australian Aborigines and Polynesians when Europeans invaded or colonised their homelands as well (Cochran and Harpending 2009: 169).<br /><br /><b>BIBLIOGRAPHY</b><br />Cavalli-Sforza, L. Luca and Alberto Piazza Paolo Menozzi. 1994. <i>The History and Geography of Human Genes</i>. Princeton University Press, Princeton.<br /><br />Cochran, Gregory and Henry Harpending. 2009. <i>The 10,000 Year Explosion: How Civilization Accelerated Human Evolution</i>. Basic Books, New York.<br /><br />Cook, Noble David. 1998. <i>Born to Die: Disease and New World Conquest, 1492–1650</i>. Cambridge University Press, Cambridge.http://socialdemocracy21stcentury.blogspot.com/2017/10/on-columbus-day-remember.htmlnoreply@blogger.com (LK)3tag:blogger.com,1999:blog-6245381193993153721.post-5297687515240979065Wed, 04 Oct 2017 11:51:00 +00002017-10-04T07:51:04.524-07:00The Dalai Lama’s Racism and Evil Tibetan SupremacyYears ago, the Dalai Lama gave this hateful interview to the <i>Guardian</i>:<blockquote><a href="https://www.theguardian.com/world/2008/may/24/tibet.china">Julian Borger, “Tibet could be ‘Swamped’ by Mass Chinese Settlement after Olympics, says Dalai Lama,” <i>The Guardian</i>, 24 May 2008.</a></BLOCKQUOTE>During his interview, the Dalai Lama revealed his bigotry and complained that “Beijing was planning the mass settlement of 1 million ethnic Chinese people in Tibet after the Olympics with the aim of diluting Tibetan culture and identity,” and, if that happened, that Tibet would be transformed into a “truly Han Chinese land and Tibetans [sc. would] become an insignificant minority.”<br /><br />How does the Dalai Lama get away with this racism and hateful demonisation of immigrants??<br /><br />Doesn’t he know that millions of Chinese immigrants will culturally enrich Tibet? <br /><br />Doesn’t he appreciate how much vibrant diversity millions of Chinese immigrants will create in Tibet? What’s more, to be truly diverse, Tibet should clearly import millions of Muslims, Indians, and Africans too – because we know that diversity is always a strength!<br /><br />Furthermore, it is certain that these Chinese immigrants to Tibet will just be doing the jobs that native Tibetans don’t want to do! Who could object to that?<br /><br />Even worse, the Dalai Lama actually thinks that native Tibetans should have a right to control their borders and immigration policy, so that they will not become a minority in their own homeland! What kind of racist, hateful bigot and evil “Tibetan supremacist” would believe such a Nazi idea??<br /><br />After all, there is no evidence of any kind that people who become minorities can suffer discrimination, prejudice or horrible persecution (as long as we exclude Roma Gypsies, Jews, and Palestinians … but it would be racist to mention them).<br /><br />In short, why do so many Western Liberals and Leftists support the hateful bigotry and racism of the Dalai Lama and his racist Tibetan followers?? Why does the modern Left support “Tibetan Supremacy” and evil “Tibetan Privilege” in Tibet?<br /><br />Why isn’t diversity a joyful strength in Tibet??<br /><br /><b>Back to Reality</b><br />And now I’ve finished trolling we can turn to the real issues here.<br /><br />The native people of Tibet who support the Dalai Lama obviously think the following:<blockquote><b>(1)</b> Tibet is the homeland of the native Tibetan people;<br /><br /><b>(2)</b> native Tibetans want control of their borders, and do not want mass immigration of culturally and ethnically alien people forced on them, people who threaten the cultural and ethnic homogeneity of their nation, and<br /><br /><b>(3)</b> Tibet must remain a nation where the native Tibetan people are the majority of the population and where their national culture is preserved.</BLOCKQUOTE>There is, of course, nothing wrong with these ideas: they are normal, natural, moral and healthy.<br /><br />For years, Western Leftists and Hollywood Liberals who campaign for freedom for Tibet have either <i>explicitly or tacitly</i> supported these ideas too.<br /><br />But why is it that the modern Left goes insane with rage and cannot support the following ideas?:<blockquote><b>(1)</b> Europe is the homeland of the native European people;<br /><br /><b>(2)</b> native Europeans want control of their borders, and do not want mass immigration of culturally and ethnically alien people forced on them, people who threaten the cultural and ethnic homogeneity of their nations, and<br /><br /><b>(3)</b> Europe must remain a region with nations where the native European people are the majority of the population and where their national cultures are preserved.</BLOCKQUOTE>Even people on the mainstream Left before the 1960s would have believed these propositions. <br /><br />But in our Western culture today shaped by the Left – and even on most of the worthless and idiotic mainstream Conservative right – the ideas above are usually condemned as “racism,” “hate,” “fascism” or “white supremacy.” But they, expressed simply in the terms above, are nothing of the sort. <br /><br />As I said: they are normal, natural, moral and healthy. <br /><br />If Leftists support these ideas for Tibet, why don’t they support them for Europe?<br /><br />To maintain a stable population, a First World nation needs a fertility rate of 2.1. But most Europeans have fertility rates below this:<br /><br /><iframe src="https://ourworldindata.org/grapher/children-born-per-woman?tab=chart&country=FRA+DEU+NLD+GBR+DNK+IRL" style="width: 100%; height: 600px; border: 0px none;"></iframe><br /><br />If European fertility rates continue to stay below 2.1, then Europeans will slowly die out, though, admittedly, this would take a long time.<br /><br />But it is worse than this. Because of below replacement fertility rates and the unending tidal wave of mass immigration into Europe, native Europeans <a href="http://www.dailymail.co.uk/news/article-3613682/RIP-Britain-academic-objectivity-Oxford-Professor-DAVID-COLEMAN-one-country-s-population-experts-says-white-Britons-minority-late-2060s-sooner-current-immigration-trends-continue.html">like the native British are set to become minority in their own nations by the end of the 21st century if trends continue.</a><br /><br />This is because of a basic principle of Darwinian evolution and population genetics: differential birth rates. If, in one region, Group A has a lower birth rate and Group B has a higher birth rate, then over time Group B replaces Group A. If more and more members of Group B enter the given region, then this trend will be massively accelerated.<br /><br />Data from a Pew Research Center report of 2011 shows that <a href="https://muslimstatistics.files.wordpress.com/2014/02/fertility-mdii-graphics-webready-90-w610.png">in Europe Muslim immigrants have a higher fertility rate than native Europeans</a> (Grim et al. 2011: 131). The demographic trends predicted in the Pew Research Center report will be greatly accelerated by Angela Merkel’s importation of over 1.3 million migrants into Europe in 2015–2016, and the further mass immigration from family reunification.<br /><br />You don’t have to be a genius to understand what the long-run demographic trends will be if present policies are continued.<br /><br />Already in London, <a href="https://www.ft.com/content/4bd95562-4379-11e2-a48c-00144feabdc0">native British people are a minority.</a> In Germany, <a href="http://www.dailymail.co.uk/news/article-4652002/Native-Germans-minority-Germany.html">native ethnic Germans are a minority in Frankfurt.</a><br /><br />Some on the truly sick and depraved Left actually celebrate this as some kind of wonderful achievement:<br /><br /><iframe src="https://www.youtube.com/embed/9pk2UMqqyfY" allowfullscreen="" width="400" height="225" frameborder="0"></iframe><br /><br />But it gets even worse. Insane European governments are importing millions of Muslims into Europe, who will not assimilate and who live in communities that become centres of radical Islam and violent Islamism. Long before the demographic catastrophe happens, Europe will be hit by a full-scale Islamist insurgency, and, indeed, <a href="https://en.wikipedia.org/wiki/Islamic_terrorism_in_Europe_(2014%E2%80%93present)">Europe is already in a low-level Islamist insurgency.</a><br /><br />It doesn’t take a lot of intelligence to see where Europe is headed: it will experience catastrophe not only because of the economic collapse caused by Neoliberalism, but also because of the demographic and cultural collapse caused by mass immigration, and perhaps even a civil war caused by Islamism. <br /><br />In these circumstances, Europeans will increasingly be driven to vote for the populist right and far right, and, if things get bad enough, perhaps even for full-blown fascism.<br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/julian-assange-on-multiculturalism-and.html">As I have said before</a>, you would think that the Left would contain people who can see the truth and would like to stop such a disaster from happening. <br /><br />But, no, the reality is that what passes for the modern Left has no interest in supporting policies or addressing the underlying issues that would stop this rising tide of popularity for the far right: on the contrary, most of the Left vehemently demand policies that will only accelerate the collapse. This is why the modern Left, as it currently exists, is hopeless and doomed to fail.<br /><br /><b>BIBLIOGRAPHY</b><br />Grim, Brian J. et al. 2011. <i>The Future Global Muslim Population: Projections for 2010–2030</i>. Pew Research Center, Washington, D.C.<br />http://www.pewforum.org/2011/01/27/the-future-of-the-global-muslim-population/http://socialdemocracy21stcentury.blogspot.com/2017/10/the-dalai-lamas-racism-and-evil-tibetan.htmlnoreply@blogger.com (LK)6tag:blogger.com,1999:blog-6245381193993153721.post-9145834114911338116Thu, 21 Sep 2017 09:56:00 +00002017-09-22T10:41:08.694-07:00Steve Keen on How Austerity WorksSteve Keen on How Austerity WorksSteve Keen on how austerity works at the micro (or individual) level as opposed to the macroeconomic level:<br /><br /><iframe width="400" height="225" src="https://www.youtube.com/embed/0y5rP56OX78" frameborder="0" allowfullscreen></iframe><br /><br /><b>Realist Left</b><br /><a href="https://www.facebook.com/realistleft">Realist Left on Facebook</a><br /><a href="https://twitter.com/realistleft">Realist Left on Twitter @realistleft</a><br /><a href="https://www.reddit.com/r/RealistLeft/">Realist Left on Reddit</a><br /><a href="https://realistleft.wordpress.com/">Realist Left Blog</a><br /><a href="https://www.youtube.com/channel/UCaS1JEeHyN13xV6wSYBfSyQ">Realist Left on YouTube</a><br /><a href="https://www.facebook.com/LordKeynesblogger/">Lord Keynes on Facebook</a><br /><a href="http://socialdemocracy21stcentury.blogspot.com/">Social Democracy for the 21st Century: A Realist Alternative to the Modern Left</a><br /><br /><b>Alt Left on the Internet</b>:<br /><a href="https://www.facebook.com/alternativeleft/">Alternative Left on Facebook</a><br /><a href="https://plus.google.com/communities/116619716326054230509">Alt-Left on Google+</a><br /><a href="https://www.facebook.com/groups/AltLeftOfficial/">Alt-Left Closed Facebook Group</a><br /><a href="https://thealternativeleft.blogspot.com/2016/09/for-freedom-loving-leftist.html">Alternative Left: For the Freedom Loving Leftist</a><br /><a href="https://www.youtube.com/channel/UCNY38TCAihJfa1Pdcu2sfVA">Samizdat Broadcasts YouTube Channel</a><br /><br /><b>I’m on Twitter:</b><br />Lord Keynes @Lord_Keynes2<br /><a href="https://twitter.com/Lord_Keynes2">https://twitter.com/Lord_Keynes2</a><br />http://socialdemocracy21stcentury.blogspot.com/2017/09/steve-keen-on-how-austerity-works.htmlnoreply@blogger.com (LK)11tag:blogger.com,1999:blog-6245381193993153721.post-5730209831128236997Sun, 10 Sep 2017 11:11:00 +00002017-09-10T07:40:59.671-07:00“White Gold” Conference Talks on the Origin of Electrum Coinage“White Gold” Conference Talks on the Origin of Electrum CoinageSome of the evidence I reviewed in <a href="https://socialdemocracy21stcentury.blogspot.com/2017/09/reply-to-selgin-on-origin-of-electrum_72.html">this post</a> on the origin of electrum coinage was from a conference called “White Gold: Revealing the World’s Earliest Coins,” held from 25–26th June, 2012 (International Congress at Israel Museum, Jerusalem).<br /><br />The edited proceedings of this conference will be published as <i>White Gold: Studies in Early Electrum Coinage</i> (edited by Peter Van Alfen and Ute Wartenberg), but the talks are available in these videos:<blockquote><b>(1)</b> <a href="https://www.youtube.com/watch?v=Jv-ymaFDZdA">White Gold, International Congress, The Israel Museum, Jerusalem, Part 1</a>:<br /><b>June 25: Session 1</b><br />Catharine Lorber and Haim Gitler, “Opening Remarks.”<br />Michael Kerschner and Koray Konuk, “The Chronology of the Electrum Coins Found in the Artemision of Ephesus: The Contribution of the Archaeological Find Context.” <br />Jack Kroll, “On the Ephesus Inscription.”<br />Bob Wallace, “Revisiting the Dates of Croesus.”<br /><br /><b>(2)</b> <a href="https://www.youtube.com/watch?v=mmhQ1Fct-T4">White Gold, International Congress, The Israel Museum, Jerusalem, Part 2</a><br /><b>June 25: Session 2</b><br />Bernhard Weisser, “An Electrum Hecte from the Sanctuary of Aphrodite outside the Gates of Miletus and the Striated Coins.” <br />Koray Konuk, “An Electrum Croeseid.”<br /><br /><b>June 25: Session 3</b><br />Wolfgang Fischer-Bossert, “Some Thoughts about the Internal Spread of the Early Electrum Standards: Local Rather than Chronological Patterns?” <br />Jack Kroll, “Don’t forget the Dynastai.” <br />Peter van Alfen, “Public Benefactor or Profiteer? The Role of ‘the State’ and Early Electrum Coinage.”<br /><br /><b>(3)</b> <a href="https://www.youtube.com/watch?v=oY5EGgXNdlQ">White Gold, International Congress, The Israel Museum, Jerusalem, Part 3</a><br /><b>June 25: Session 4</b><br />Frédérique Duyrat and Maryse Blet-Lemarquand, “Proton Activation Analysis of Electrum Coins in the Bibliothèque nationale de France.” <br />Nick Cahill and Jill Hari, “Preliminary Analysis of Electrum Coins and natural Gold from Sardis.” <br /><br /><b>June 26: Session 1</b><br />Ute Wartenberg Kagan, “Was there an Ionian Revolt Coinage? Hoard Evidence for Electrum Coins after the Introduction of Bimetallism.” <br /><br /><b>(4)</b> <a href="https://www.youtube.com/watch?v=zmffoL5SxUY">White Gold, International Congress, The Israel Museum, Jerusalem, Part 4</a><br /><b>June 26: Session 1</b><br />Mariusz Mielczarek, “Cyzicene Electrum Coinage and the Black Sea Grain Trade.” <br />François de Callataÿ, “Iconography of Cyzicene Electrum Coinage (with Quantitative Study).” <br /><br /><b>June 26: Session 2</b> <br />Katerini Liampi, “Thraco-Macedonian Electrum Coinage.” <br />Ken Sheedy, “Electrum Inscriptions and Literary Sources.”<br />Selene Psoma, “The Electrum Coinage of Athens.”<br /><br /><b>(5)</b> <a href="https://www.youtube.com/watch?v=58Vxfo11BDw">White Gold, International Congress, The Israel Museum, Jerusalem, Part 5</a><br /><b>June 26: Session 3</b><br />Alain Bresson, “Metrology of Silver Ingots in the Levant and Silver Coins in Western Asia Minor: Economic implications, Implications for Price of Electrum Coins.”<br />François Velde, “Electrum Coinage in the Light of Monetary Economic Theory.” </BLOCKQUOTE>A number of these talks are highly relevant to whether the Lydian kings and Greek city-states were the first to coin money, as follows:<blockquote>Michael Kerschner and Koray Konuk, “The Chronology of the Electrum Coins Found in the Artemision of Ephesus: The Contribution of the Archaeological Find Context.” <br />Wolfgang Fischer-Bossert, “Some Thoughts about the Internal Spread of the Early Electrum Standards: Local Rather than Chronological Patterns?” <br />Jack Kroll, “Don’t forget the Dynastai.” <br />Peter van Alfen, “Public Benefactor or Profiteer? The Role of ‘the State’ and Early Electrum Coinage.”<br />Frédérique Duyrat and Maryse Blet-Lemarquand, “Proton Activation Analysis of Electrum Coins in the Bibliothèque nationale de France.” <br />Nick Cahill and Jill Hari, “Preliminary Analysis of Electrum Coins and natural Gold from Sardis.” <br />François Velde, “Electrum Coinage in the Light of Monetary Economic Theory.”</BLOCKQUOTE>In particular, <a href="https://youtu.be/mmhQ1Fct-T4?t=6082">Jack Kroll in his talk “Don’t forget the Dynastai”</a> points out that some early electrum coins might have been struck by early Lydian dynasts (or local rulers below the king who functioned as quasi-governmental great landowners), but in this case such dynasts were <i>far more like local rulers</i>, and they were not private merchants, bankers, or goldsmiths. And, even if this suggestion is true, it does not follow that the private sector invented electrum coinage either, as the local dynasts in question would have been quasi-governmental agents.<br /><br />In the talk “Public Benefactor or Profiteer? The Role of ‘the State’ and Early Electrum Coinage,” Peter van Alfen seems to distance himself from the idea that <a href="https://youtu.be/mmhQ1Fct-T4?t=9230">bankers and merchants minted coins</a>, but instead prefers wealthy elites, like large landowners. But this view is very much like Kroll’s, as stated above, and implies that these elites were more like local rulers and dynasts than private agents in the conventional sense.<br /><br />The full list of my posts on this subject is here:<blockquote><a href="https://socialdemocracy21stcentury.blogspot.com/2017/08/larry-white-on-origins-of-coined-money.html ">“Larry White on the Origins of Coined Money: A Critique,” August 26, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/09/reply-to-selgin-on-origin-of-electrum.html">“Reply to Selgin on the Origin of Electrum Coinage, Part 1,” September 3, 2017</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/09/the-majority-view-in-modern-scholarship.html">“The Majority View in Modern Scholarship on the Origin of Electrum Coinage: An Update,” September 4, 2017.</a><br /><br /><a href="https://socialdemocracy21stcentury.blogspot.com/2017/09/reply-to-selgin-on-origin-of-electrum_72.html">“Reply to Selgin on the Origin of Electrum Coinage, Part 2,” September 5, 2017.</a></BLOCKQUOTE><b>Realist Left</b><br /><a href="https://www.facebook.com/realistleft">Realist Left on Facebook</a><br /><a href="https://twitter.com/realistleft">Realist Left on Twitter @realistleft</a><br /><a href="https://www.reddit.com/r/RealistLeft/">Realist Left on Reddit</a><br /><a href="https://realistleft.wordpress.com/">Realist Left Blog</a><br /><a href="https://www.youtube.com/channel/UCaS1JEeHyN13xV6wSYBfSyQ">Realist Left on YouTube</a><br /><a href="https://www.facebook.com/LordKeynesblogger/">Lord Keynes on Facebook</a><br /><a href="http://socialdemocracy21stcentury.blogspot.com/">Social Democracy for the 21st Century: A Realist Alternative to the Modern Left</a><br /><br /><b>Alt Left on the Internet</b>:<br /><a href="https://www.facebook.com/alternativeleft/">Alternative Left on Facebook</a><br /><a href="https://plus.google.com/communities/116619716326054230509">Alt-Left on Google+</a><br /><a href="https://www.facebook.com/groups/AltLeftOfficial/">Alt-Left Closed Facebook Group</a><br /><a href="https://thealternativeleft.blogspot.com/2016/09/for-freedom-loving-leftist.html">Alternative Left: For the Freedom Loving Leftist</a><br /><a href="https://www.youtube.com/channel/UCNY38TCAihJfa1Pdcu2sfVA">Samizdat Broadcasts YouTube Channel</a><br /><br /><b>I’m on Twitter:</b><br />Lord Keynes @Lord_Keynes2<br /><a href="https://twitter.com/Lord_Keynes2">https://twitter.com/Lord_Keynes2</a>http://socialdemocracy21stcentury.blogspot.com/2017/09/white-gold-conference-talks-on-origin.htmlnoreply@blogger.com (LK)0tag:blogger.com,1999:blog-6245381193993153721.post-2439101175789074124Tue, 05 Sep 2017 14:52:00 +00002017-09-10T03:04:49.364-07:00ancient GreececoinsCroesusGoldLydiamoneyPart 2Reply to Selgin on the Origin of Electrum CoinageReply to Selgin on the Origin of Electrum Coinage, Part 2This is part 2 of my response to George Selgin’s post here:<blockquote><a href="https://www.alt-m.org/2017/08/30/lord-keynes-contra-white-on-the-beginnings-of-coinage/">George Selgin, “‘Lord Keynes’ contra White on the Beginnings of Coinage,” <i>Alt-M Ideas for an Alternative Monetary Future</i>, August 30, 2017.</a></blockquote>Selgin refers to various new data from the past 20 years or so, and much of the new evidence was presented at a conference called “White Gold: Revealing the World’s Earliest Coins,” held from 25–26th June, 2012 (International Congress at Israel Museum, Jerusalem).<br /><br />Wartenberg (2017), for instance, refers to the edited proceedings of this conference: <i>White Gold: Studies in Early Electrum Coinage</i> (edited by Peter Van Alfen and Ute Wartenberg). But this book will not be published until December 31, 2017, so I can hardly evaluate the evidence there, but have to go on published summaries of the papers.<br /><br />The new data can be described as follows:<blockquote><b>(1)</b> new archaeological work on the Artemisium of Ephesus discussed in Cahill and Kroll (2005) demonstrates that electrum coins already existed in the last quarter of the 7th century BC (625–601 BC), which confirms the older dating of the invention of coins to the period around 630 BC (de Callataӱ 2013: 13).<br /><br /><b>(2)</b> recent investigation of electrum coins with advanced scientific techniques indicates to some scholars that these early electrum coins were minted from combining gold and silver, and so were not minted from natural electrum alloys (de Callataӱ 2013: 9).<br /><br />Wartenberg (2017) reports that laser ablation inductively coupled plasma mass spectrometry (LAICP-MS) analysis of early electrum coins shows that their gold-to-silver content was more uniform than previously thought: e.g., a panther or lion head series had a gold-to-silver ratio of 55–45%, with 1–2% copper. A striated coin series (which might be a later series) has a gold-to-silver ratio of about 60–40% ratio.<br /><br />Wartenberg also concludes that LAICP-MS analysis shows that early electrum coins were not minted in naturally occurring electrum, but deliberately minted by “combining pure gold and silver, which was previously refined” to achieve stable gold-to-silver ratios, even in the late 7th century (Wartenberg 2017: 27).<br /><br /><b>(3)</b> there is much more evidence for lower denomination coins in the early electrum series, even down to 1/192 of a stater (Wartenberg 2017: 27), though it remains true that many higher denomination coins were also minted.</BLOCKQUOTE>Datum (1) does not refute older interpretations. <br /><br />Datum (2) and (3) do provide evidence against the some versions of the orthodox Chartalist hypothesis that individual early electrum coins (supposedly minted from natural electrum) had a much more variable gold-to-silver content (Price 1983: 5), and so were fiduciary to the extent that the gold content varied between individual coins, and was not always the same as the face value. <br /><br />But do these data provide good evidence that private agents were the innovators in coining electrum coins, under the <a href="http://socialdemocracy21stcentury.blogspot.com/2012/01/menger-on-origin-of-money.html">Mengerian theory of the emergence of money</a>? The answer is: not really.<br /><br />First, let us re-state some important points. The first coins were minted in the second half of the 7th century BC (650–600 BC) in what is now western Turkey (what was called “Asia Minor” by the Classical Greeks) in ancient Lydia, and in the Greek colonies in Ionia.<br /><br />Both the ancient writers Xenophanes (as cited in Pollux, <i>Onom</i>. 9.83) and Herodotus (<i>Histories</i> 1.94) report this. This region was dominated by the ancient kingdom of <a href="https://en.wikipedia.org/wiki/Lydia">Lydia</a>, with the royal capital at <a href="https://en.wikipedia.org/wiki/Sardis">Sardis</a>, which was populated by an Indo-European speaking people, and the extent of the Lydian kingdom can be seen in this map:<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://3.bp.blogspot.com/-hHSAYWqoCaA/Wa656j95yZI/AAAAAAAAA4E/TYFpe2NKCLwmTGYdsgflE5-KyR4ZAYt5QCLcBGAs/s1600/Map%2Bof%2BLydia.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://3.bp.blogspot.com/-hHSAYWqoCaA/Wa656j95yZI/AAAAAAAAA4E/TYFpe2NKCLwmTGYdsgflE5-KyR4ZAYt5QCLcBGAs/s1600/Map%2Bof%2BLydia.jpg" data-original-width="400" data-original-height="277" /></a></div><br />The earliest coins consisted of stamped pieces of <a href="https://en.wikipedia.org/wiki/Electrum">electrum</a>, an alloy of gold and silver with trace amounts of copper, but with a roughly uniform weight. Here is an example of an early Lydian electrum coin with lion-head:<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://3.bp.blogspot.com/-SsWjw-4OhwA/Wa66BTwkI4I/AAAAAAAAA4I/T6lDhuljkU07YtAsbLOHjXL8SuaOr2-vACLcBGAs/s1600/BMC_06.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://3.bp.blogspot.com/-SsWjw-4OhwA/Wa66BTwkI4I/AAAAAAAAA4I/T6lDhuljkU07YtAsbLOHjXL8SuaOr2-vACLcBGAs/s1600/BMC_06.jpg" data-original-width="500" data-original-height="202" /></a></div><br />Ancient Lydia was rich in electrum, which was panned from the rivers, as well as mined. It is established that Lydian alluvial electrum (that is, electrum taken from the rivers) had a natural variable gold content from about 65% to 85% (Konuk 2012: 44; Meeks 2000: 145–148).<br /><br />However, natural electrum was peculiarly unsuited to be the most saleable commodity that emerged as the general money commodity in line with <a href="http://socialdemocracy21stcentury.blogspot.com/2012/01/menger-on-origin-of-money.html">Menger’s theory of the origin of money</a>. We can review why this is the case.<br /><br />For one thing, small-sized electrum and electrum dust could not be easily tested for purity (Kroll 2012: 38):<blockquote>“When offered in a transaction, the quality of the [sc. electrum] metal first had to be tested visually from the color of streaks made on a touchstone (No. 16), and <font style="BACKGROUND-COLOR: yellow">while such testing presented no problems with larger lumps of electrum, it would have been practically impossible to test a bagful of dozens of small nuggets and crumbs of the metal. Even if each small piece were separately tested, it would have been exceedingly difficult to determine with any accuracy the value of an entire bag of pieces, each with a different weight and fineness. Over time, as the complexities and unreliability of electrum bullion became widely recognized, Lydians and their Greek and Carian neighbors who had accumulated large stocks of this metal must have found it increasingly difficult to utilize it in payments that others would accept.” </FONT><br />Kroll, John H. “The Coins of Sardis,” Sardisexpedition.org<br />http://www.sardisexpedition.org/en/essays/latw-kroll-coins-of-sardis</BLOCKQUOTE>In light of this, natural electrum can hardly have been Menger’s “most saleable commodity,” since many people will have required small size electrum or electrum dust for ordinary, low-value transactions in trade and in the market-place (or in the <i>agora</i>, as the Greeks called it).<br /><br />The average percentage of gold in natural electrum was probably about 70–75% (Konuk 2012: 44), whereas, as we have seen, the most recent analysis of the early lion-head electrum coin series (likely from Lydian kings) shows that they tended to have a stable but lower percentage of gold at about 54% with about 2% copper (Cowell and Hyne 2000: 170–171; Keyser and Clark 2001: 114). Another panther or lion-head series (probably early Lydian coins), analysed with laser ablation inductively coupled plasma mass spectrometry (LAICP-MS), had a gold-to-silver ratio of 55–45%, with 1–2% copper (Wartenberg 2017: 26; see also Velde 2012: 19).<br /><br />So whoever was minting these coins struck them with an alloy in which the gold content – although consistent – was <i>lower than the average found in natural electrum</i> (Konuk 2012: 44).<br /><br />The stable gold content gave these coins a definite consistent colour, and, along with their standard weight, can be seen as part of the process of standardising them. Perhaps copper was even added to give them a colour like that of electrum with a higher gold content.<br /><br />Unless they were explicitly given a face value at the monetary value of the gold-to-silver content, early electrum coins would still have been fiduciary <i>to some extent</i> if the issuing authority tried to give them a value at the average gold content of electrum, and if the public expected them to contain the average gold content of natural electrum (about 70–75%). However, in reality the early coins clearly did not have that gold value, since they had a relatively stable but lower gold content of 54%.<br /><br />Many modern scholars – and probably a majority – continue to argue that the actual exchange value of the early electrum coins was larger than their intrinsic metallic value, perhaps by as much as 20% (Le Rider 2001: 94–95; Cahill and Kroll 2005: 612–613; Kroll 2008: 21; Konuk 2012: 44; Kroll 2012: 39; Furtwängler 2011: 17; for older views on the overvaluation of electrum coins, see Bolin 1958: 11–45, who saw it as a secret fraud by the Lydian kings). <br /><br />So, in view of this, the Chartalist view is hardly refuted by the discovery of a more stable gold content in the early coins, since the Lydian kings may well have accepted them in payment at the higher face value.<br /><br />In short, if the Lydian kings deliberately minted early electrum coins with a gold content of 54%, but gave them a conventional face value in line with the average 70% gold value of natural electrum, and then accepted the coins back again in taxes, fines or other payments, then they could still have been fiduciary coins, to some extent, in a closed monetary system in Lydia and its subject Greek city-states (Rider 2001: 94–95, 116). <br /><br />The Lydian kings would have had substantial expenditures, since they fought major wars and engaged in huge building programs at Sardis, their capital (on the archaeology of Lydia, see Roosevelt 2009; Greenewalt 2011; Roosevelt 2012), so that they surely made payments to soldiers, labourers, and artisans on a large scale.<br /><br />Price (1983) suggested that the early electrum coins were intended as gifts that only later became monetised, but the discovery of many more smaller denomination electrum coins than previously thought in the early issues strongly suggests that these coins were intended for exchange and monetary transactions.<br /><br />The Lydian kings are still the best candidates for the inventors of the coins, since (1) the Lydian kings had large stocks of the necessary electrum, (2) could accept the coins back as payment as taxes or obligations (if they were intended as money), and (3) had many large-scale payments to make.<br /><br />Furtwängler (2011: 18) argues that – over time – the Lydo-Milesian standard electrum coins with their 54% gold content (below the average gold content of natural electrum) did not win widespread acceptance in the Greek city-states outside the Lydian empire (see also Kroll 2012: 39). Croesus – perhaps as much for political as for economic reasons – implemented a currency reform around 560 BC (or perhaps even earlier if his accession was around c. 585 BC, as argued by Wallace 2016), and recalled his electrum coins, and, by cementation techniques, used them to mint a new pure gold and silver coinage to restore confidence (Furtwängler 2011: 18).<br /><br />Evidence for the higher face value of the older electrum coins has been adduced from peculiar data about Croesus’ new gold stater issues.<br /><br />During the reign of the last Lydian king <a href="https://en.wikipedia.org/wiki/Croesus">Croesus</a> (who ruled from c. 585 or 560–546 BC), the king minted a new pure gold and silver coinage called “Croeseids” (and recent archaeological evidence proves that this coinage reform had been implemented by the time of Croesus, and <i>not</i> later under the Persians as some scholars have argued; see Cahill and Kroll 2005).<br /><br />But the weight and two specific issues of the new gold staters are suggestive:<blockquote><b>(1)</b> probably at first, the new gold staters (sometimes called “Heavy Croeseids”) were issued and struck with 10.8 grams of gold. Given the value of gold to silver was probably about 1:13.3 in this period, the new gold stater of 10.8 grams would have been equivalent to an electrum stater of 14.15 grams, but <i>only if the electrum staters were artificially overvalued at the gold content of natural electrum</i> (which stood at about 70–75% gold). Since the value of the electrum staters had been partly fiduciary and possibly confidence in them was in question by this period, this exchange ratio with the new gold coins would have maintained the government guarantee of accepting them at their artificial face value. This was intended to recall the old electrum coins (Konuk 2012: 50; Cahill and Kroll 2005: 612–613; Kroll 2001b: 201–202).<br /><br /><b>(2)</b> however, at some point – presumably when a large quantity of electrum coins had been recalled – Croesus minted a new pure gold stater with a reduced size, and struck at 8.1 grams (the so-called “Light Croeseids”). This reflected the value of the <i>actual gold content</i> of the old electrum coins, whose gold content had been fixed at about 54% and 44% silver (Konuk 2012: 50; Cahill and Kroll 2005: 612–613; Walburg 1991). The Lydian kings now abandoned their experiment with overvalued electrum coins, perhaps for political as much as economic reasons, and instead minted a pure gold and silver stater coinage, along with smaller denominations of each gold and silver stater type.</BLOCKQUOTE>The fact that Croesus’ “Heavy Croeseids” (presumably minted before the light kind) seem to match the postulated artificial value of the early electrum coins is considered by many scholars to be strong evidence that they really had been overvalued by state guarantee, and this seems to be the best explanation of the data.<br /><br />Finally, the absence of electrum coins from the list of precious metal revenue on a lead tablet dated to the period around 600 BC from the Artemisium temple of Ephesus – before Ephesus was conquered by the Lydian king Croesus and politically subject to Lydian suzerainty – suggests that the early Lydian electrum coins were not accepted at the temple, probably because they were understood to be overvalued (Kroll 2008: 18–21).<br /><br />So, all in all, the case for a qualified Chartalist interpretation of the earliest electrum coinage of Lydia is still strong.<br /><br />Furthermore, recent analysis of the electrum coinage of Samos has established that the gold content of Samian coins was much more variable, and ranged from 46 to 86%, and the electrum coinage of Phocaea also had a highly variable gold content (Konuk 2005; Wallace 2013: 2359; Avaldi et al. 1984). In short, both the Samian and Phocaean electrum coinage can still be explained by means of a Chatalist explanation too.<br /><br />But let us assume – for the sake of argument – that the early Lydian electrum coins were given a face value equal to their real gold-to-silver content (so making the Chartalist explanation false), does this rule out the Lydian kings as the inventors of coinage? Again, the answer is: not at all.<br /><br />The Lydian kings may well have struck these coins as prestigious payment objects for their soldiers, mercenaries and other employees and guaranteed a stable metal content consistent with market value, just as they – and numerous Greek city-states – later struck pure gold and silver coins. <br /><br />We know that the <i>most common type</i> of early electrum coins shows the lion-head or lion paw, which is the royal symbol of the Lydian kings (Wartenberg 2017: 15 and 24; Konuk 2012: 45; Spier 1998), which in turn strongly suggests that most of these coins were stamped with the symbol of the Lydian state.<br /><br />Bresson (2009: 3–4) points out that the Lydia kings conquered or forced the political submission of a large number of Greek city-states on the coast of Asia Minor, and that consequently that Lydian kings may well have established a monetary union with their electrum coins being a standard. The Lydo-Milesian (or often simply called the “Milesian”) standard was based on the stater with a weight of about 14.30–14.40 grams. The Lydian kings would then have set up this standard and demanded it of their subject Greek city-states, so that it was the state that was driving force behind a monetary standard, and that allowed the elimination of transaction costs such as heavy exchange fees between coins of a different standard.<br /><br />Bresson (2009: 3, citing Cowell et al. 1998: 529–530 and Cowell and Hyne 2000: 169–174) also puts the gold content of early Lydian electrum coins at about 53% with most coins not deviating more than 1% from this.<br /><br />Under this view of Bresson, the state weighed, standardised, and guaranteed the value and weight of electrum coins to reduce transaction costs for private individuals who no longer had to engage in the expensive process of checking the value of the coins (Bresson 2006; Bresson 2009).<br /><br />The fact that the Lydo-Milesian standard was adopted in areas under the political domination of the Lydian kings does not suggest that the standard was a spontaneous development from the private sector. So, even if we assume that electrum coins were given a monetary value consistent with their gold content, the evidence that the private sector was the driving force behind this is still feeble.<br /><br />As we seen, however, most scholars <i>do</i> still think that the early electrum coins were overvalued, and a qualified Chartalist explanation is still convincing.<br /><br />Let us now turn to the final section: a critical review of the arguments made by those who contend that private sector agents first invented coins.<br /><br /><b>The Evidence for the Private Sector as Inventor of Electrum Coins is still Feeble</b><br />Modern defenders of the private sector as the inventor of electrum coins make the following arguments. They contend that the early coins seem to have had a large number of series with different obverse types and reverse punches, perhaps as many as 250–300 (van Alfen 2014: 2–3). Peter van Alfen takes this as evidence of many private elite issuers, such as goldsmiths, bankers or merchants (van Alfen 2014: 2–3, 3, n. 11).<br /><br />But we know for a fact that later state-issued coinage by Greek city states like Cyzicus, Mytilene and Phocaea did regularly change their obverse types, and as often as once a year (which van Alfen 2014: 3, n. 11 himself admits; Price 1983: 4). The multiplicity of obverse types is not a strong argument for private sector coining at all, since there is no reason why both the Lydian kings and early Greek city-states could not have minted large numbers of obverse types with different symbols and insignia (de Callataӱ 2013: 11).<br /><br />Peter van Alfen (2014) argues that the early coinages were minted by wealthy elite individuals who, he thinks, owned mines and had large-scale access to metals, and that the Lydian kings only gradually displaced private issuers and then gained a near monopoly on coin issue by the time of Croesus (who ruled Lydia from c. 585 or 560–546 BC) (see van Alfen 2014: 21).<br /><br />Unfortunately, many of van Alfen’s claims about private wealth in Lydia are based on data in Roosevelt (2009) from the later Persian and Hellenistic periods (as admitted by van Alfen 2014: 19, n. 64 and 20, n. 68 himself), <i>not</i> the relevant period of the pre-Persian Lydian kingdom.<br /><br />Moreover, the earliest coins minted from 650 to 600 BC were made of electrum, which was a naturally occurring alloy in ancient Lydia (Kroll 2008: 17–18). <br /><br />Sardis – the Lydian capital – was dominated by the king’s palace and archaeological evidence seems to show that the processing of gold was dominated by the king, not private merchants (Hanfmann 1983: 73, 76, 83, 85, 246, n. 87). The evidence shows that the Lydian kings either controlled the mines in their kingdom directly (Koray and Lorber 2012: 13; Briant 2002: 400), and/or levied taxes on mining or extraction of metals. Indeed, a certain Lydian called Pythius under the later Persian empire, who owned a number of mines in Lydia, may have been a descendant of the Lydian royal family who had inherited these mines as private family property (Briant 2002: 401). Did private agents really have access to this type of wealth when the kings controlled mining and panning of precious metals?<br /><br />It follows that, if the Lydian kings extracted and owned much of the silver, gold and electrum (mined or panned from the rivers), it is most probable that the kings also minted the first electrum coinage too, since a very large quantity of this metal was needed for the many coin issues over many years.<br /><br />Despite Selgin, this is <i>not</i> a non sequitur. It is an inductive argument, on the basis of empirical evidence, and does not claim to yield a certain conclusion, only a probabilistic one. <br /><br />Finally, let us now review the evidence adduced by the Free Bankers and defenders of the private sector as the inventors of early electrum coinage, and the counterarguments:<blockquote><b>(1)</b> Larry White in his original post <a href="https://www.alt-m.org/2017/08/24/why-the-state-theory-of-money-doesnt-explain-the-coinage-of-precious-metals/">here</a> argued that:<blockquote>“Once sovereigns monopolized the mints they took advantage of the propaganda value of stamping their own faces on the coins, of course. <font style="BACKGROUND-COLOR: yellow">But as far as we know coins were already in use among merchants before that happened. Very early coins from ancient Lydia, in what is now Turkey, were not inscribed with human faces but rather animal figures. The <a href="http://www.ancient.eu/coinage/">Ancient History Encyclopedia</a> states: ‘It appears that many early Lydian coins were minted by merchants as tokens to be used in trade transactions. The Lydian state also minted coins.’” </FONT><br /><a href="https://www.alt-m.org/2017/08/24/why-the-state-theory-of-money-doesnt-explain-the-coinage-of-precious-metals/">Larry White, “Why the ‘State Theory of Money’ doesn’t explain the Coinage of Precious Metals,” Alt-M Ideas for an Alternative Monetary Future, August 24, 2017.</a></blockquote>But the assumption here is incorrect: early monarchs did <i>not</i> put their images on coins. For a very long time in the ancient world, coins did not carry any images of living human rulers, and rarely carried writing, and there may well have been a superstitious taboo against depicting living people on coins.<br /><br />In light of this, there is no reason why the kings would have bothered to put their images or names on the coins when people at the time knew perfectly well that they had been minted by the state. Early coins of the state, even produced by kings, mostly depicted gods, seals or other symbols. In Western civilization, one of the first kings to be depicted on coins was Alexander the Great in the 4th century BC, even though it was probably the kings who ruled after him who first put his explicit image on coins (Shipley 2000: 69). But this was centuries after the first electrum coins had been invented. <br /><br />Notably, Selgin does not seem to dispute this. I assume that on this point Free Bankers will concede White is wrong?<br /><br /><b>(2)</b> some few early Lydian coins do carry inscriptions, in the Lydian script and language, and refer to <i>.WALWE.</i> (also read as <i>walwet</i>) and <i>.KALI.</i> (Schaps 2004: 96). However, the question of who or what these names refers to is not settled with certainty, though interesting – even plausible – suggestions have been made. <br /><br />That the coins themselves were of the Lydian kings is strongly suggested by the lion symbol which appears on them – the symbol of the Lydian royal house (Schaps 2004: 96), so that <i>already</i> the notion that private sector agents independently minted them is shaky (although Furtwängler 2011: 16–17 regards them as the names of private electrum coin producers under the Lydian kings). Both coin types are linked by a common punch mark, so that they are likely to be by the same issuer (Wallace 2016: 176–177; Koray and Lorber 2012: 15).<br /><br />The <i>.WALWE.</i> inscription has been read as <i>Walwetalim</i>, which can be linked to the Lydian king whom the Greeks called “Alyattes” (Karwiese 1991: 8–14; Wallace 2006). Koray and Lorber (2012: 15) state the <i>walwet</i> is now “usually interpreted” as the name of the Lydian king Alyattes. If so, then this is a coin explicitly minted by the king. <br /><br />In addition, some have read <i>.KALI.</i> as <i>KUKALIM</i> and identified this with the Lydian name “Gyges” (Wallace 2006), and even if this does not refer to the first king of the dynasty, it may well refer to a royal prince during the reign of Alyattes in the late 7th century BC who was also allowed to issue coinage, as argued by Wallace (2006).<br /><br />Furthermore, Howgego (1995: 3) suggests that the names may be those of mints, not of individuals, and Wallace (1988) argued that <i>walwe</i> could be the Lydian name for “lion” and be a simple noun referring to the lion symbol on the coins. <br /><br />Finally, even if the inscriptions do not refer to Lydian kings and princes, they could be individuals who minted the coins for the Lydian kings as mint masters (Wallace 1987: 393, n. 51).<br /><br />But there are good arguments for thinking these coins <i>do</i> name Lydian kings or members of the royal family, as demonstrated by Wallace (2006).<br /><br /><b>(3)</b> it is true we have about four coins with the Greek inscription Φάνεως ειμί σήμα, which can be translated as “I am the badge of Phanes.” Though they do not carry the Greek inscription, there are supposedly some 250 pieces in the same series in smaller denominations with the same stag symbol (Wartenberg 2017: 17).<br /><br />If “I am the badge of Phanes” is the correct translation of the inscription, it is unclear who this Phanes was. Peter van Alfen (2014: 23) assumes “Phanes” was an elite private Greek who minted coins, but there is little evidence to support this.<br /><br />There is a reasonable discussion of the complexities of the issue <a href="https://en.wikipedia.org/wiki/Phanes_(coin_issuer)">here</a>.<br /><br />Konuk (2012: 45–47) makes a good case that the stag emblem on these coins is associated with the goddess Artemis at Ephesus (and Kastner 1986 had already suggested that the name “Phanes” may have been that of a god, not a human being; see Howgego 1995: 4). If the stag symbol is an <i>official emblem</i> of Ephesus, then the coin series in question is likely to have been an official coin issue of the city, since the same symbol reappears in later coin issues of Ephesus (Velde 2012: 10; Velde 2012: 10 also states “There is no consensus on whether Phanes is the name of an individual or refers to Artemis”; cf. Koray and Lorber 2012: 15). The name “Phanes,” far from being that of a human being, may be some cult name or word associated with the cult of Artemis at Ephesus.<br /><br />By contrast, if “Phanes” is a human being, he is perhaps an official at Ephesus who minted or was responsible for the minting of the coins. Howgego (1995: 4) speculates that, even if Phanes was the name of a human being, he might have been an unknown local tyrant or ruler. </BLOCKQUOTE>So, as in my original post, I once again conclude that the evidence for the private sector being the inventor, or driving force, behind the creation of the first electrum coinage is feeble.<br /><br />We have also seen that the new evidence adduced by Selgin does not refute the older interpretation that the earliest electrum coins were overvalued. <br /><br />Finally, as can be seen from a large sample of modern scholarship <a href="https://socialdemocracy21stcentury.blogspot.com/2017/09/the-majority-view-in-modern-scholarship.html">here</a>, there is a majority view that the earliest electrum coins were invented by the Lydian kings.<br /><br /><b>BIBLIOGRAPHY</b><br />Avaldi, L., Canfalonieri, L., Milazzo, M., Paltrinieri, E., Testi, R. and E. 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Neue Wege der Forschung,” <i>Mitteilungen der Österreichischen Numismatischen Gesellschaft</i> 56.1: 30–49.<br /><br />Wartenberg, Ute. 2017. “The Birth of Coinage Old questions – New Answers,” Presentation delivered at Ossolineum, Wrocaw, 3 July 2017<br />https://www.academia.edu/34043055/The_Birth_of_Coinage._Old_Questions_-_New_Answers<br /><br /><b>Realist Left</b><br /><a href="https://www.facebook.com/realistleft">Realist Left on Facebook</a><br /><a href="https://twitter.com/realistleft">Realist Left on Twitter @realistleft</a><br /><a href="https://www.reddit.com/r/RealistLeft/">Realist Left on Reddit</a><br /><a href="https://realistleft.wordpress.com/">Realist Left Blog</a><br /><a href="https://www.youtube.com/channel/UCaS1JEeHyN13xV6wSYBfSyQ">Realist Left on YouTube</a><br /><a href="https://www.facebook.com/LordKeynesblogger/">Lord Keynes on Facebook</a><br /><a href="http://socialdemocracy21stcentury.blogspot.com/">Social Democracy for the 21st Century: A Realist Alternative to the Modern Left</a><br /><br /><b>Alt Left on the Internet</b>:<br /><a href="https://www.facebook.com/alternativeleft/">Alternative Left on Facebook</a><br /><a href="https://plus.google.com/communities/116619716326054230509">Alt-Left on Google+</a><br /><a href="https://www.facebook.com/groups/AltLeftOfficial/">Alt-Left Closed Facebook Group</a><br /><a href="https://thealternativeleft.blogspot.com/2016/09/for-freedom-loving-leftist.html">Alternative Left: For the Freedom Loving Leftist</a><br /><a href="https://www.youtube.com/channel/UCNY38TCAihJfa1Pdcu2sfVA">Samizdat Broadcasts YouTube Channel</a><br /><br /><b>I’m on Twitter:</b><br />Lord Keynes @Lord_Keynes2<br /><a href="https://twitter.com/Lord_Keynes2">https://twitter.com/Lord_Keynes2</a>http://socialdemocracy21stcentury.blogspot.com/2017/09/reply-to-selgin-on-origin-of-electrum_72.htmlnoreply@blogger.com (LK)0